QUESTION 4 Correy Inc. reported the following information for 2016: October November December Budgeted sales $460,000 $440,000 $540,000 Budgeted purchases $240,000 $256,000 $288,000 . All sales are on credit. 0 Customer amounts on account are collected 50% in the month of sale and 50% in the following month. 0 Cost of goods sold is 35% of sales. - Correy purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. 0 Accounts payable is used only for inventory acquisitions. How much cash will Correy receive during November? 0 1 . $220,000 0 2. $490,000 0 3. $450,000 0 4. $440,000