ECONOMICS

ABC COmpany budgeted sales of P 220, 000 for June, P 200, 000 for July, P 280, 000 for August, P 264, 000 for September, P 244, 000 for October and P 300, 000 for November. Approximately 75% of sales are on credit; the remainder are cash sales. Collection experience indicates that 60% of the budgeted credit sales will be colelcted the month after sales, 36% on the second month, and 4% will be uncollectible. Which month has the highest cash receipts?