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Millard's Mops is preparing a cash flows budget for the year. The quarterly sales budget shows the following:
Sales (# of mops)
1st Quarter = 100,0002nd Quarter = 120,0003rd Quarter = 180,0004th Quarter = 160,000
Mops sell for an average cost of $2 each. Based on his review of last year's experience, Millard learned that 90% of the revenues are collected in the quarter the items are sold and the remaining 10% are collected in the following quarter.
Problem 1: What is the total amount of expected cash collections during the third quarter?
Option 1: $174,000
Option 2: $179,000
Option 3: $348,000
Option 4: $358,000
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