Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) . April May June $300000 $500000 $2CD.om $1000000 From past experience, the company has learned that 20% ofa month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled S230,OOO, and March sales totaled $260,000.