The following information applies to the questions displayed below] Midwest Products is a wholesale distributor of leaf rakes. Thus, peak sales occur in August of each year as shown in the company's sales budget for the third quarter, given below July $568,000 $832,000 $ 485,000 $1,885,000 eptember Total Budgeted sales (all on account From past expenencethe company has learned that 20% of a month's sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled $431,000, and June sales totaled $533,000 eBook & Resources eBook PREPARING THE MASTER BUDGET value 1.00 points Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter (Do not round intermediate calculations. Leave no cells blank be certain to enter "0" wherever required.) Schedule of Expected Cash Collections Ju September Total May sales June sales July sales August sales September sales Total cash collections