1. The following is the information for sales budget for XYZ company, calculate the December collections: Sales Budget Month October November December January Credit Sales $40,000 $50,000 $60,000 $35,000 The expected cash collection pattern is 50% in the month of sale, 30% in the following month, and 15% in the second following month. Five percent of credit sales are uncollectible. December collections will be: Select one: a. $ 35,000 b. $51,000 O c. $ 54,000 d. $ 50,000