Answer two independent questions a. The Company has budgeted the following activity for April: Sales of $1,000,000 all in cash . The cost of goods sold is 75% of the selling price Inventory purchases of $800,000 were paid for in cash S&A expenses are budgeted at $80,000 and are paid in cash in the period incurred Depreciation expense for April is budgeted at $14,000 The cash balance at March 31st is $45,000 Required Calculate the budgeted cash balance at the end of April b. Company receives payment from customers for credit sales as follows: 30% in the month of sales .60% in the month following sale 8% in the second month following sale 2% become uncollectible February: $120.000 March: $110.000 The following sales are expected: January: $100,000 Required Calculate how much will be collected in March