Golden Company has budgeted sales in dollars for the first quarter as follows: January February March Quarter Budgeted sales (all on account) $30,000 $40,000 $35,000 $105.000 According to the marketing manager, 60% of a month's sales are collected in the month of sale, and the remaining 40% are collected in the month following sales, Bad debts are negligible and can be ignored. November sales totaled $50,000, and December sales totaled $40,000. Instruction Prepare a schedule of expected cash collections from sales, by month and in total, for the first quarter. (1 mark for each month, 1 mark for the quarter, and 1 mark for the total. Quartes March February := = 2 January Format From December sales From January sales hp From February sales From March sales 10 15