Past experience has demonstrated that 55% of the net sales billed in a month are collected during the month, 35% are collected in the following month, and 9% are collected in the second following month. Customers are allowed a 3% discount if payment is made within 5 days after the billing date. 65% of the customers that pay in the month of the sale, pay within 5 days and take the discount.

A sales budget for the four months ending June 30th is as follows:

Month Units Selling Price

March 30,000 $5.20

April 50,000 $5.20

May 80,000 $5.60

June 40,000 $5.60

1. Prepare a cash receipts budget for June