be sent to your instructor for grading. 16 Teddy Bear Company forecasts to begin business on January 1, Year 1. Teddy has forecasted the following sales budget for the first quarter of Year 1: First January February March Quarter Budgeted Sales $200, 000 $250, 000 7 $300, 000 $750, 000 points 02:58:35 Teddy wants to forecast monthly cash collections based on the following estimates: Collections on account: 70% in the month of sale 20% in the month following sale 6% In the second month following sale Uncollectible accounts have averaged 4% of receivables. The company gives a 2% discount for payments made by customers during the month of sale. Required: How much cash will be collected in March