Question 8 0 out of 10 points THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 8 - 10. Quiz Company provided the following information for the preparation of the cash budget for June. The cash balance of June 1 is expected to be $3,763. Projected sales are as follows. April May June Cash sales $10,000 $18,000 $18,600 Credit sales 28,900 35,000 54,000 Credit sales are collected over a three-month period: 40% in the month of sale, 30% in the first month after the sale, 20% in the second month after the sale. Sales collected in the second month after the sale second month after the sale are subject to a 2% late fee that customers pay in addition to the amount owed. The remaining sales are uncollectible. Inventory purchases average 64% of a month's total sales. Purchases are all on credit and are paid 20% in the month of purchase and 80% in the month following the purchase. Salaries and wages are $11,750 per month and are all paid during the month. Other cash expenditures during the month are expected to be $6,780. (Round all calculations to the nearest dollar.) Determine cash collections for June. Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345 Selected Answer: $56,653