Required information ... Inc. is a retallet. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31 . laccountants have made the following estimates: 1. Sales for April, May, June, and July will be \\( \\$ 350,000, \\$ 370,000, \\$ 360,000 \\), and \\( \\$ 380,000 \\), respectively. 2. All sales are on credit. Each month's credit sales are collected \35 in the month of sale and \65 in the month following the sale. All of the accounts recelvable at March 31 will be collected in April. 3. Each month's ending inventory must equal \30 of next month's cost of goods sold. The cost of goods sold is \70 of sales. The company pays for \40 of its merchandise purchases in the month of the purchase and the remaining \60 in the month following the purchase. All of the accounts payable at March 31 are related to previous merchandise purchases and will be paid in April. 4. Monthly selling and administrative expenses are alwoys \\( \\$ 46,000 \\). Each month \\( \\$ 7,000 \\) of this total amount is depreciation expense and the remaining 5. The company will not borrow money or pay or declare dividends during the 2nd quarter. The company will not issue any common stock or repurchase its own stock during the 2 nd quarter. How much is the company's expected cash collections in the month of May? Mualiple Choice \\( \\$ 227,500 \\) \\( \\$ 357,000 \\) \\( \\$ 240,500 \\)