The following sales budget has been prepared for Joker Ltd. Month Total Sales May $14,000 June $16,500 July $15,800 |August $18,000 On average, 40% of the total sales are cash sales which will be collected in the month of sale, and the remaining are credit sales. Collections from credit sales are 50% in the month of sale, 40% in the month following the sale, and 10% two months following the sale. Question: How much cash is expected to be collected in August