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Midwest Products is a distributor of garden rakes. The sales revenue budget for the 3rd quarter is as follows: July Aug Sept Total $600,000 $900,000 $500,000 $2,000,000 Revenue From past experience, the company has learned that 20% of a month's sales are collected in the month of the sale, 70% is collected in the month after the sale, and the remainder is collected in the 2nd month after the sale. All sales are on credit May sales were $430,000, and June sales were $540,000. How much cash is expected to be collected in August? Question 5 8 pts Using the Midwest Products data in the question above, What is the expected balance of A/R at the end of the quarter