5 LO 10-4 10-31 Cash Receipts and Payments Information pertaining to Noskey Corporation's sales revenue follows: November 2021 (actual) December 2021 (budgeted) January 2022 (budgeted) Cash sales $ 80,000 $100,000 $ 60,000 Credit sales 240,000 360,000 180,000 Total sales $320,000 $460,000 $240,000 Management estimates 5 percent of credit sales to be uncollectible. Of collectible credit sales, 60 percent 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 percent of the next month's projected total sales (stated at cost) plus 30 percent of projected sales for the current month (stated at cost). All inventory purchases are on account: 25 percent 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 percent of the selling price. Required Determine for Noskey: 1. Budgeted cash collections in December 2021 from November 2021 credit sales. 2. Budgeted total cash receipts in January 2022. 3. Budgeted total cash payments in December 2021 for inventory purchases