Freddie Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $904,000 in October, $966,000 in November, $1,050,000 in December, and $920,000 in January. Freddie's sales are 30% cash and 70% credit. The company's collection history indicates that credit sales are collected as follows: 20% in the month of the sale 65% in the month after the sale 12% two months after the sale 3% 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 Freddie Reeds Sales Budget For the Four Months Ended January October November December January Cash sales $ 271,200 $ 289,800 $ 315,000 $276,000 632,800 676,200 735,000 644,000 Credit sales $ 904,000 $ 966,000 $ 1,050,000 $ 920,000 Total sales