TB MC Qu. 13-85 (Algo) The Model Company is to begin operations in April... The Model Company is to begin operations in Aprili, it has budgeted April sales of $58,000, May sales of $62,000, June sales of $68.000. July sales of $70.000, and August sales of $66.000, Note that 10% of each month's sales is expected to represent cash sales: 75% of the balance is expected to be collected in the month following the sale, 17% the second month, 6% the third month, and the balance is expected to be uncollectible, The Model Company is considering charging 11/2% on any balance that is not collected in the month following the month of sale. This charge would also change the collection percentages to 15% cash sales, 80% of the balance collected in the month following the sale, 16% the second month, and 3% the third month. This stricter credit policy will reduce the estimated sales budgets by 7% each month. Under this stricter credit policy, what is the amount of cash to be collected in July? Round all calculations to the nearest whole dollar. Multiple Cboice $60,530 567194. $62.124. $65,469