ex Company has planned the folowing sales for the next three months January February March Budgeted Sales $40.000 $50.000 $70,CO0 Sales are made 20%% for cash and 80%% on account. From experience. the company has learned that a month's sales on account are colected according to the folowing pakem: Month of sale 60 First month following sale 30% Second month following sale 8% Uncolectible The company requires a minimum cash balance of $10,000 to start a month. The beginning cash balance in March is budgeted to be $11,000. 1. Compute the budgeted cash receipts for March 2. The following additional information has been provided for March: Inventory purchases (all paid in March) $28,000 Operating expenses (all paid in March) $40,000 Depreciation expense for March $6,COO Dividends paid in March $4,CO0 Prepare a cash budget in good form for the month of March, using this information and the budgeted cash receipts you computed for part a) above. The company can borrow in any dolar amount and will not pay interest until April