Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds has p jected sales to be $904,000 in October, $964,000 i November, $1,045,000 in December, and $936,000 in January. Augustine's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 60% in 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. Augustine Reeds Sales Budget For the Four Months Ended J anuary December October November January Cash sales Credit sales Total sales