The following information is available to prepare the cash receipts portion of the cash budget: Cash collected from current month's sales 40% Cash collected from last month's sales 55% Uncollectible sales 5% 100% The expected credit sales of the second quarter are: April $400,000 May $450,000 June $500.000 How much cash will be collected in May? $480,000 $420,000 $360,000 $400,000