7) Ehrlich Corporation has projected sales in units for the third quarter of the coming year as follows: July 50,000 August 40,000 September 60,000 All units are sold on account for $14 each. Cash...

7) Ehrlich Corporation has projected sales in units for the third quarter of the coming year as follows:
July                        50,000

August                   40,000

September            60,000



All units are sold on account for $14 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. May sales were $900,000 and June sales were $1,025,000



Required:



a. Prepare a schedule for the third quarter,  showing budgeted cash receipts for Ehrlich Corporation.