Gammaro 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, Gammaro 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 $110,000, while December sales were $120,000. Projected sales for the next three months are as follows: January sales....... S 175,000 February sales .... S 130,000 March sales S 195,000 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.) Gammaro Corporation Cash Collections Budget For the Months of January through March January Cash sales Collections on credit sales: 20% Month of sale 40% Month after 22% Two months after Total cash collections