ABC company has budgeted the following sales. January Sales (on Income statement) $100,000 February $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: none of the answers is correct $60,000 for January and $120,000 for February $125,000 for January and $120,000 for February O $145,000 for January and $160,000 for February Clear my choice