Spicer & Co has budgeted its credit sales as follows: June July August $ 600,000 $ 600,000 $ 800,000 September $1,200,000 October $1,400,000 November $1,600,000 Collections of credit sales are normally as follows: Collected within 30 days of the end of the month of sale Collected in 30-60 days Collected in 60-90 days Uncollectible 30% 15% 5% none of the options $960,000 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