Solve for the month of may and the total

5 Not complete Question Cash Receipts Mark 1.00 out of 2.00 Flag question The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May June July August $1 oo,ooo 170,000 180,000 120,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale. 5 percent uncollectible. The company gives a 1 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $27,000, of which $6,000 represents uncollected March sales and $21,000 represents uncollected April sales. (Hint: For collections of March and April receivables, start by determining total sales for the month. Assume the normal sales pattern.) Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a three-month summary of estimated cash collections. Perrier, Inc. Schedule of Budgeted Cash Collections May Quarterly by Months June ox $ 128,855 July 155,920 Total ox Total Cash receipts: Check