Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be:

October November December January

$904,000 $964,000 $1,045,000 $936,000

Augustines sales are: 20% cash 80% credit The companys collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirements 1 Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2 Prepare a cash collections budget for December and January. a. Use cell references from the prior requirement, if applicable.