Exercise 7-1 Schedule of Cash Collections [L07-2] Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below Budgeted sales (all on account)$400,000 $600,000 $190,000 $1.190,000 From past experience, the company has leamed that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are second month following sale. Bad debts are negligible and can be ignored. February sales totaled $330,000, and March sales totaled $360,000 in the 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Silv ny Schedule of Expected Cash Collections Total April sales June sales Total 0