The Model Company is to begin operations in April. It has budgeted April sales of $48,000, May sales of $52,000, June sales of $58,000, July sales of $60,000, and August sales of $56,000. Note that 10% of each month's sales is expected to represent cash sales; 75% of the balance is expected to be collected in the month following the sale, 17% the second month, 6% the third month, and the balance is expected to be uncollectible. What is the amount of cash to be collected in the month of July? Multiple Choice $49,838. $55,698. $62,000. $55,050.