Sophia prepared the following sales budget: Cash sales : February P80,000 March 100,000, April 90,000, May P120,000, June 110,000. Credit sales february P340,000, March 400,000, April 370,000,...

Sophia prepared the following sales budget: Cash sales : February P80,000 March 100,000, April 90,000, May P120,000, June 110,000. Credit sales february P340,000, March 400,000, April 370,000, MayvP460,000, June 380,000 Collections are 40 percent in the month of sale, 45 percent in the month following the sale and 10 percent two months following the sale. The remaining 5 percent is expected to be uncollectible. The company’s budgeted collections from April to June amounts to *