Reference no: EM132550585

Concord, Inc. reports all its sales on credit, and pays operating costs in the month incurred. Amounts for 2020 are:

                                                   March               April            May           June                   July

Budgeted sales                  $299900           $289500         $320400      $279600      $209400

Budgeted purchases           $144100            $120200         $128600          $131400        $89000

• Customer amounts on account are collected 75% in the month of sale and 25% in the following month
• Cost of goods sold is 70% of sales.
• Concord purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month.
• Operating expenses are: Salaries, $49400; Depreciation, $12900; Rent, $15500; and Utilities, $14800.
• Accounts payable is used only for inventory acquisitions.

Question 1: How much is Concord' May 31, 2020 budgeted Accounts Receivable?