3. The Doley Company has planned the following sales for the next three months: Jan Budgeted Sales $40,000 Feb $50,000 Mar $70,000 Sales are made 20% for cash and 80% on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern: Month of sale 60% First month following sale 30% Second month following sale 896 Uncollectible 29 The company requires a minimum cash balance of $5,000 to start a month. The beginning cash balance in March is budgeted to be $6,000. Required: a. Compute the budgeted cash receipts for March b. The following additional information has been provided for March: Inventory purchases (all paid in March) $28,000 Operating expenses (all paid in March) $40,000 Depreciation expense for March $5,000 Dividends paid in March $4,000