The LaPann Corporation has obtained the following sales forecast data:

July August September October

Cash sales $ $80,000$ $ $70,000$ $ $50,000$ $ $60,000$

Credit sales $ $240,000$ $ $220,000$ $ $180,000$ $ $200,000$

The regular pattern of collection of credit sales is $30\%$ in the month of sale, $70\%$ in the month following the month of sale. There are no bad debts.

The total budgeted cash collections in August would be:

Multiple Choice

$$268,000$

$$366,000$

$$198,000$

$$296,000$

$$304,000$