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Spicer \& Co has budgeted its credit sales as follows: Collections of credit sales are normally as follows: Collected within 30 days of the end of the month of sale: 50% The cash balance on 1st October is expected to be $200,000. Cash payments are expected to total $800,000 each month for July to November. The cash balance at the end of October is expected to be $1,160,000 $1,400,000 none of the options $330,000 $960,000