A static (master) budget is A. a budget which starts from a zero base B. developed at the end of a period C. based on the level of planned output at the start of the budget period D. a type of flexible budget once actual results are known Wolfe Company sells a product for $50. Budgeted sales for the first quarter of 20x1 are as follows: January $1,000,000 February 1,200,000 March 1,300,000 The company collects 60% in the month of sale, 20% in the following month, and 10% two months after the sale. Ten percent of all sales are uncollectible and are written off. Budgeted cash receipts for March are A. $ 780,000 B. $1,020,000 C. $1,220,000 D. $1,120,000