Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $450,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,300,000. Ross collects 70% of sales in the month of sale; 10% in the following month; and the final 20% in the second month after the sale.

What are Ross's budgeted collections for July?

Multiple Choice

• $976,000
• $1,200,000
• $1,150,000
• $1,144,000