Assume that Grippers sales are 25% cash and 75% credit. Grippers collection history indicates that credit sales are collected as follows:

30% in the month of sale

60% in the month after the sale

10% two months after the sale

November sales IN TOTAL are $391,500, and December sales were $398,250. HINT: consider that the information given for November and December are sales IN TOTAL (100%).

Prepare a schedule for the budgeted cash collections for January and February.

Required:

Total collections in January are $

________

.

Total collections in February are $

________

.

Required:

Total collections in January are $

________

.

Total collections in February are $

________

.