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Mitchell Company had the following budgeted sales for the last half of last year: Cash Sales Credit Sales July $80,000 $180,000 August $85,000 $200,000 September

Mitchell Company had the following budgeted sales for the last half of last year:

Cash Sales Credit Sales
July $80,000 $180,000
August $85,000 $200,000
September $51,000 $160,000
October $56,000 $151,000
November $66,000 $230,000
December $110,000 $410,000

The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled:

Collections on credit sales:
45% in month of sales
50% in month of following sales
5% in second month following sales

Assume that the accounts receivable balance on July 1 was $76,000. Of this amount, $55,000 represented uncollected June sales and $21,000 represented uncollected May sales. Given these data, the total cash collected during July would be:

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