Farmer lands Enterprises has budgeted sales for the months of September and October at $300,000 and $280,000,

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Question:

Farmer lands Enterprises has budgeted sales for the months of September and October at $300,000 and $280,000, respectively. Monthly sales are 80% credit and 20% cash. Of the credit sales, 50% are collected in the month of sale and 50% are collected in the following month. Calculate cash collections for the month of October.