Question content area top Part 1 Suppose a lumber yard has the following data: Accounts receivable, May 31: (0.40 x May sales of $357,000) = $142,800 Monthly forecasted sales: June, $433,000; July, $443,000; August, $506,000; September, $539,000 Sales consist of 60% cash and 40% credit. All credit accounts are collected in the month following the sales. Uncollectible accounts are negligible and may be ignored. Requirement 1. Prepare a sales budget schedule and a cash collections budget schedule for June, July, and August. Question content area bottom Part 1 Requirement 1. Prepare a sales budget schedule for June, July, and August. Sales budget June July August Credit sales $173,200 $177,200 $202,400 Cash sales 259,800 265,800 303,600 Total sales $433,000 $443,000 $506,000 Part 2 Prepare a cash collections budget schedule for June, July, and August. Cash collections budget June July August Cash sales this month 259800 265800 303600 100% of last months credit sales Total collections from customers