Smith Corporation has the following budgeted sales:

July August September Total

$600,000 $900,000 $500,000 $2,000,000

From past experience the company has learned that 20% of a months sales is collected in the month of sale, that another 70% is collected in the month following sale, and that the remaining 10% is collected in the second month after sale. May sales totaled $400,000 and June sales totaled $300,000. What amount of cash is expected for receipt in August?

Group of answer choices

$370,000

$650,000

$900,000

$630,000

$570,000