Bentfield Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Bentfield Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $110,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales $ 160,000 February sales $ 135,000 March sales $ 195,000 Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.) Bentfield Corporation Cash Collections Budget For the Months of January through March January February $ 64.000 $ 54.000 $ Quarter March 78,000 Cash sales Collections on credit sales: 25% Month of sale 50% Month after 16% Two months after 24,000 20,250 29,250 34,500 48,000 40.500 10,560 11,040 15,360 133,060 $ 133,290 S 163,110 Total cash collections S