ABC Inc. is preparing its master budget for the upcoming May to July quarter and has provided the fo

ABC Inc. is preparing its master budget for the upcoming May to July quarter and has provided the following sales information: March (actual) April (actual) May (actual) June (budget) July (budget) Cash sales $ 137,500 $ 132,000 $ 121,000 $ 214,500 $ 165,000 Credit sales 539,000 528,000 517,000 522,500 605,000 Total sales $ 676,500 $ 660,000 $ 638,000 $ 737,000 $ 770,000 Management estimates that 65% of the credit sales are collected in the month of sale, 20% in the month following the sale and 12% in the second month following the sale; 3% of credit sales are estimated to be uncollectable. Based on this information, what are the budgeted cash receipts for July?

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