Joyner Company has the following historical collection pattern for its credit sales:
60% collected in month of sale
20% collected in the first month after sale
15% collected in the second month after sale
4% collected in the third month after sale
Budgeted credit sales for the last six months of the year follow. July $ 43,000 August 48,000 September 53,000 October 58,000 November 63,000 December 55,500
Required: Calculate the estimated total cash collections during October. Calculate the estimated total cash collections during the year's fourth quarter.