3. The Doley Co. has budgated the following sales for the first quarter of the year Jan Feb March Total sales $40,000 $50,000 $70,000 Sales are 20% for cash and 80% for credit. From experience the company has leamed that a month's credit sales are collected according to the following pattern FRE E Month of the sale............. ..... 60% (of credit sales) First month following the sale...... 30% (of credit sales) Second month following the sale.... 8% (of credit sales) Uncollectible. 2016 A) Prepare a schedule of cash receipts for March Assume the following additional information for the March 50% of inventory purchases are paid for in the month of the purchase with the remaining amount paid the following month Inventory purchases in Feb Inventory purchases in March $30,000 526,000 Depreciation. Msc expenses include: depr).... Dividends paid in March Cash balance as of 228. Minimum cash balance desired... 55.000 $40.000 $4,000 $6.000 B) Prepare a cash budget for March