Arroyo Company has found from past experience that 10 percent of its sales are for cash. The remaining 90 percent are on credit. An analysis of credit sales reveals the following: 20 percent of credit sales are paid in the month of sale. 60 percent of credit sales are paid in the first month following the month of sale. 15 percent of credit sales are paid in the second month following the month of sale. 5 percent of credit sales are never collected. Arroyo Company has developed the following sales forecast: November $66,000 December 85,000 55,000 January February March 75.000 80,000 Problem 5-4 The budgeted cash receipts for February for sales made in November are: O $3,300 0 $3,135 O $0 $2,970