Practice Question 41 Amounts collected during August include August sales plus amounts collected for July sales. Colection of August sales: S30 $330,000 x 40%-$132,000; Total-$180,000 + S 132,000-$312,000. 000 x 60%S 180 000; Collection of July iles: Drew Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: August September October Budgeted sales$310,000 $330,000 $300,000$280,000 $260,000 Budgeted purchases $144,000!$120,000|$128,000| $132,0001 $90,000 June July Customer amounts on account are collected 60% in the month of sale and 40% in the following month. Cost of goods sold is 45% of sales. Drew purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. * How much cash is budgeted to be received during August? O $312,000o. O $180,0o0. $291,000. $318,000