Suppose monthly sales occur evenly over the month and are on a first-in-first-out basis. The average collection period is 45 days. The cash collected in the month of June is:

		Half of April sales plus all of May sales.
		Half of April sales plus half of May sales.
		All of April sales plus half of May sales.
		Half of March sales plus half of April sales.
		Half of April sales plus all of May sales.
		Half of April sales plus half of May sales.
		All of April sales plus half of May sales.
		Half of March sales plus half of April sales.