CICB Limited makes one product and has provided the following information to prepare its master budget...

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CICB Limited makes one product and has provided the following information to prepare its master budget for the first four months of production: a. The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,400, 10,000, 12,000, and 13,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales. What is the budgeted total sales and the expected total cash collections for July? Sales $700,000; cash collections $280,000* Sales $700,000; cash collections $632,800 Sales $632,800; cash collections $700,000 Sales $700,000; cash collections $352,800 CICB Limited makes one product and has provided the following information to prepare its master budget for the first four months of production: a. The budgeted selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 8,400, 10,000, 12,000, and 13,000 units, respectively. All sales are on credit. b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month. c. The ending finished goods inventory equals 20% of the following month's unit sales. What is the budgeted total sales and the expected total cash collections for July? Sales $700,000; cash collections $280,000* Sales $700,000; cash collections $632,800 Sales $632,800; cash collections $700,000 Sales $700,000; cash collections $352,800