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From the customer collection records of HB Co, it is possible to determine that 60% of invoices are paid in the month after sale, 30% in the second month after sale and 5% in the third month after sale. Invoices are raised on the last day of each month and 5% become bad debts. Customers who settle in the month after sale are entitled to a 4% settlement discount. Budgeted credit sales in January 19X6 are $450,000, in February $580,000, in March $230,000 and in April $790,000. What amount is budgeted to be received in April from credit sales? A. $334,500 B. $340,020 C. $328,980 D. $317,480 |