The following credit sales are budgeted by Novak Corp.: May $580700 June 854000 July 1195600 August 1024800 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 $1054176. $1024800. $1004300. $956480.
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