Meredith Company has budgeted sales for the upcoming months as follows: April $452,000 May $468,000 June $494,000 July $516,000 August $503,000 September $477,000 50% of the sales are credit sales, the remainder are made in cash. Credit sales are collected 50% in the month of sale, 40% in the month following the sale, and 5% in the second month following the sale.