Michard corporation makes one product and it provided the following information to prepare the master budget for the next four months of operations: the budgeted selling price per unit is $125. budgeted unit sales for april, may, june, and july are 7,600, 10,500, 13,800, and 12,900 units, respectively. all sales are on credit. regarding credit sales, 20% are collected in the month of the sale and 80% in the following month. the ending finished goods inventory equals 20% of the following month's sales. the ending raw materials inventory equals 30% of the following month’s raw materials production needs. each unit of finished goods requires 4 pounds of raw materials. the raw materials cost $2.00 per pound. regarding raw materials purchases, 30% are paid for in the month of purchase and 70% in the following month. the direct labor wage rate is $25.00 per hour. each unit of finished goods requires 3.0 direct labor-hours. the variable selling and administrative expense per unit sold is $3.40. the fixed selling and administrative expense per month is $80,000.the expected cash collections for may is closest to: multiple choice$262,500$950,000$1,022,500$76 0,000