Coronado State sells electronic products. The controller is responsible for preparing the master budget and has accumulated the information below for the months of January. February, and March. Balances at January 1 are expected to be as follows: The budget is to be based on the following assumptions: 1. Each month's sales are billed on the last day of the month 2. Customers are allowed a 3 \% discount if their payment is made within 10 days after the billing date. Receivables are booked at gross: 3. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, and 9x by the end of the second month atter the date of sale; 6% prove ursollectible. 4. It pars 54% of all muterials purchases and the selling seneral, and adminstrative expenses in the month purchased and the remainder in the followirg month. Each month's units of ending imventory are equal to 130% of the next month's units of sales. 5. The costof eachunit of imentory is $20. 6. Selling, beneral, and administrative expenses, of which $2.100 is for depreciation, are equal to 15% of the current monthis sales Calculate the budgeted cash collections during the month of January. Total cash receipts eTextbook and Media Last simed 1 second ago. Attempts: 1 of 2 used Sived work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes. (c) The parts of this question must be completed in order. This part wilf be available when you complete the part above. 3. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, and 9% by the end of the second month after the date of sale: 6% prove uncollectible. 4. It pays 54% of all materials purchases and the selling, general, and administrative expenses in the month purchased and the remainder in the following month. Each month's units of ending inventory are equal to 130% of the next month's units of sales. 5. The cost of each unit of imventory is $20. 6. Selling, generat, and administrative expenses, of which $2,100 is for depreciation, are equal to 15% of the current month's sales