Question 3 XYZ Company has budgeted sales for the next six months as follows: Budgeted Sales March $408,000 April $366,000 May $329,000 June $424,000 $368,000 July August $418,000 15% of the company's sales are cash sales and 85% of the company's sales are made on account. On average, 12% of the sales on account are collected in the month of sale, 44% is collected in the month following sale, 28% is collected in the second month following sale, and the remaining 16% is collected three months after the month of sale. Calculate the budgeted accounts receivable balance at August 31.