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: November sales for last year were $85,000, while December sales were $110,000. Projected sales for the next three months are as follows: 25% received in the month of the sale 50% received in the month after the sale 22% received two months after the sale 3% of the credit sales are never received January sales ..............$ 155,000 February sales ...........$ 120,000 March sales ...............$ 175.000 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 February $ 31,000 March Quarter Cash sales Collections on credit sales: 25% Month of sale 50% Month after 22% Two months after Total cash collections