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The following credit sales are budgeted by Kingbird, Inc.:
May $542600
June 798000
July 1117200
August 957600
Problem 1: The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of August is
Option 1: $893760.
Option 2: $938440.
Option 3: $957600.
Option 4: $985048.
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