E Homework: Chapter 9 Homework Question 4, E9-30A (simil. Part 1 of 4 HW Score: 40%, 4 of 10 points O Points: 0 of 2 Save Monachino Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Monachino Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 22% received two months after the sale 18% of the credit sales are never received November sales for last year were $95,000, while December sales were $110,000. Projected sales for the next three months are as follows: January sales. $ 160.000 February sales 130,000 March sales 165,000 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.) Monachino Corporation Cash Collections Budget For the Months of January through March January 160,000 Cash sales Collections on credit sales: 20% Month of sale 40% Month after 32000 64000 35200 22% Two months after Total cash collections 131,200