USE ONLY THE FOLLOWING INFORMATION TO ANSWER THIS QUESTION.

Gamble Company has the following sales budget for the last six months:

January $10000

February $12000

March $4000

April $7500

May $15000

June $2500

Historically, the cash collection of sales has been as follows:

The % of sales collected in the month of sale is 50%

The % of sales collected in the month following the sale is 30%

The % of sales collected in the second month following the sale is 15%

The % of sales that are uncollectible 5%

What are the budgeted cash collections for the month of May? (Using excel formulas)