ABC company has budgeted the following sales. January February Sales ( on Income statement) $100,000 $200,000 Sales are 80% credit and 20% cash Credit sales are collected 50% in the month of sale and 50% in the month following the sale A/R at Dec 31 = $85,000 What are the cash collections for January and February ? Select one: O $145,000 for January and $160,000 for February O none of the answers is correct O $60,000 for January and $120,000 for February O $125,000 for January and $120,000 for FebruaryABC company has budgeted the following sales. January February March Sales ( on Income statement) $100,000 $200,000 $250,000 Cost of goods sold is 40% of sales What is the budgeted cost of goods sold for each month? Select one: January $60,000; Feb $120,000; March $150,000 January $100,000; Feb $200,000; March $250,000 January $40,000; Feb $80,000; March $100,000 none of these