Gargalicana Company is preparing its cash budget for next year. Budgeted sales for four months are as follows: April P80,000 May 160,000 June 240,000 July 80,000 Fifty percent of total sales is cash sales. The balance, or the credit sales, is collected in the following manner: 70% in the month following the sale 20% in the second month following the sale 10% in the third month following the sale How much is the budgeted cash receipts in July?

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