A. Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) June Total April May $600,000 $700,000 $750,000 $2,050,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and 15% are collected in the second month following sale, the remaining 5% are considered bad debts. February sales totaled $400,000, and March sales totaled $500,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month, for the second quarter. February sales March sales April sales May sales June sales Total cash collections Schedule of Expected Cash Collections May April June