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Purdy Company has prepared the following sales budget for the first quarter of 20x9. Based on past experience the company estimates that 20% of each month's sales are cash sales and the other 80% are credit sales. Also, history indicates that 40% of credit sales are collected during the month of sale, 50% in the month following the sale, and 10% are never collected. What amount of cash does the company expect to collect in August from cash sales and credit sales? June $200,000 Total Budgeted Sales July $250,000 August $300,000 A. B. C. D. $245,000 $305,000 $256,000 $264,500 Refer to the previous question. What is Purdy's budgeted net Accounts Receivable at August 31? A. $144,000 B. $120,000 $150,000 D. $180,000