For the Months of December and January December January Cash sales Collection of credit sales: 30% of current month credit sales 60% of prior month credit sales 8% of credit sales two months ago Enter any number in the edit fields and then continue to the next question Collection of credit sales: 30% of current month credit sales 60% of prior month credit sales 8% of credit sales two months ago Total collection of credit sales Total cash collections Mikail Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $902,000 in October, $964,000 in November, $1,025,000 in December, and $934,000 in January. Mikail's sales are 25% cash and 75% credit. The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales Mikail Reeds Sales Budget For the Four Months Ended January October November December January Cash sales