ASM has planned the following sales for the next three months Budgeted Sales January $40,000 February $50,000 March $70,000 Sales are made 20% for cash and 80% on account. From experience, the company has learned that a month's sales on account are collected according to the following pattern: 60% 30% First month following sale Second month following sale Uncollectible 8% 2% The company requires a minimum cash balance of $5,000 to start a month. The beginning cash balance in March is budgeted to be $6,000. Required: a) Compute the budgeted cash receipts for March. b) The following additional information has been provided for March: Inventory purchases (all paid in March) Operating expenses (all paid in March) Depreciation expense for March Dividends paid in March $28,000 40.000 5,000 4,000