v2-Page 6 Uise the following information for the next three items. Benic Botts Lud sweets. Most of its sales are concentrated around holidays such as Vaoces Christmas. A such as Valentine's designer and chesmas A sale budget is given below for Every Flavor Beans, one of the hDay, and Botts purchases from a subcontractor July August $360,000 $$20,000eber Expeczted siles in dollars 20% oftotal sales are cash sales, and the rest are sales on credit. 60% ofall credit sales for any given mont credit sales are collected in the following month. The gross profit rate for Every Flavor Beans has generally been 45%. $400,000 his collected in the month of sale, 40% of " " At the end of each month, Bertie Botts wants to maintain an inventory balance equal to 30% of the following month's expected cost of sales. 2. Determine the cash collections from customers in August, and the accounts receivable balance at the end of August. Cash collections Accounts Receivable