The Model Company is to begin operations in April. It has budgeted April sales of $60,000, May sales of $64,000, June sales of $70,000, July sales of $72,000, and August sales of $68,000. 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 $60,382 $67,482 $75,000 $66,700