4 /4 139% Tools Comment Greenup, Inc., manufactures a product that has peak sales in March of each year. The cor first quarter of 2008 are given below: 's budgeted sales for the January February March Total Budgeted sales.. $500,000 $700,000 $1,800,000 $3,000,000 The company is in the process of preparing a cash budget for the first quarter and must determine the expected cash collections by month. To this end, the following information has been assembled: 60% in month of sale Collections on sales: 30% in month following sale 8% in second month following sale 2% uncollectible The company gives a 2 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance to start the year is $220,000, of which $40,000 represents uncollected November 2007 sales and $180,000 represents uncollected December 2007 sales. Required 1. What were the total sales for November 2007? For December 2007? 2. Prepare a schedu le showing the budgeted cash collections from sales, by month and in total, for the first quarter of 2008 30 marks 30 marks OType here to search Telegram (PDF] AC. FIA Fou Stage Ex... 10:09 PM x ENG 11/1/2019