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IV. Problem Solving. 4 points Submit your solution to my email. Problem 3: Schedule of expected cash collection Peak sales for Bigbang Products, Inc. occur in September. The company's sales budget for the third quarter showing these peak sales is given below: From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, that another 70% is collected in the month following the sale, and that the remaining 10% is collected in the second month following sale. May sales totaled P400,000 and June sales totaled P500,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total for the third quarter