The Bambang Co’s sales budget for the 3rd quarter sales is given below:                                   July              August          SeptemberBudgeted Sales        800,000        900,000           1,000,000The co’s sales terms are 2/10, n/30. From past experience, the company has learned that 60% of the month’s sales is collected in the month of sale, that another 30% is collected in the month following sale, and that the remaining 10% is collected in the 2nd month following sale. 40% of those who paid their accounts in the month of sale are expected to avail of trade discount. Bad debts are negligible and can be ignored. May sales totaled P550,000 and June sales totaled P600,000.Required:
Prepare a schedule of budgeted cash collections from sales, by month and in total for the 3rd quarter.