The Fraley Company, a merchandising firm, has planned the following sales for the next four months:
Total budgeted sales:
March-...........................50,000
April-.............................70,000
May-..............................90,000
June-..............................60,000
Sales are made 40% for cash and 60% on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern:
Month of sale-...............................................70%
First month following month of sale-....................20%
Second month following month of sale-..................8%
Uncollectible-.................................................2%
Compute the budgeted cash receipts for June.