Memphis Company anticipates total sales for April, May, and June of $800,000, $900,000, and $950,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 30% are collected in the same month as the sale, 65% are collected during the first month after the sale, and the remaining 5% are collected in the second month after the sale. Compute the amount of accounts receivable reported on the companys budgeted balance sheet for June 30.

Multiple Choice

$617,500.

$532,500.

$561,500.

$712,500.

$463,125.