5 Information pertaining to Charlie Corporation's sales revenue is as follows: November 2018 December 2018 January 2019 (budgeted) (budgeted) (actual) Cash sales Credit sales $ Total Sales $ $ 80,000 $ 240,000 $ 320,000 $ 100,000 $ 360,000 $ 180,000 460,000 $ 240,000 60,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month's projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price. Required: Determine the following for Charlie 1) Budgeted cash collections in December 2018 from November 2018 credit sales 2) Budgeted total cash receipts in January 2019 3) Budgeted total cash payments in December 2018 for inventory purchases