Portia Incorporated is a retailer of scrapbooking products. The actual and forecast sales for the months of April through August are: Revenues April (actual) $ 251,200 May (actual) 277,400 June 302,400 July 352,400 August 352,400 All sales are credit sales. The collection pattern is 60% in the month of sale, 35% the following month and the remainder in the second month following the sale. Accounts receivable on April 1 were $124,900