Gold Company makes a product that is very popular as a Fathers 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: From past experience, the company has leamed that 30% of a month's sales are collected in the month of sale, another 60% are collecte in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $370.000, and March sales totaled $400,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter: 2. What is the accounts receivable balance on June 30 th? Propare a schedule of expected cash collections from sales, by month and in total, for the second quarter. What is the accounta recelvable balance on June 30 th? Problem 2: The Boot Spaghetti, Ltd., of Italy has budgeted sales of its popular spaghetti for the next four months as follows: The company is now in the process of preparing a production budget for the second quater Pate experience has shown that end-otmonth livemory levels muikt equal 15\% of the following monthis unit sales the inventory at the end of March was 8.700 units Required: Piepare a production budget by month and in total, for the second quater