Information pertaining to Noskey Corporation's sales revene folows November December 2015 (Actual) (Budgeted) (Budget 2015 2010 Cash sales $120 000 $124,000 $76,000 Credt salks 288,000 416,000 212,000 Total sales 408,000 ,000 *288,000 Management enimates 5% of credt sales to be uncolectie 0' collectie eredt Sales, 00% is collected in the month of salk and the remainder in the moeth follosing the month of sale. Arhases of inventory each month include 70% of the next month's projected total sales (tated at cost) plus 30% of propected salei for the current moreh (tzed cort) A4 nventory purchases are on acount: 25% il pad n tbe more, et purchase, and the remainder is paid in the month following the month er purchase. Purchase coats are approxmzely 60% of the seling price Required: Determine for Noskey 1. Budgated cash collectiont in December 2015 from November 2016 credt sales. (Do not round intermediate calculation 2. Budgeted total cash receipts in Janary 2016. (Do not round intermedi ate calculstions ) Cash sale in Janury Collections from credit sales in Jarary Total collectible from credit sales Percentage to be collected in January Collectiong from credt sales in December Total collectible from oredt sales Percentage to be oollected in January Bdgeted total cash recepts n Jaeuary 3. Budgeted tot cash payments in December 2015 forinventory purchases. Do not round intermediate caloulations.) Total inventory purchases in November For November salks December sales Percentage of Now. purohases to be paid in December Payment in December for purchases in November budgeted purchares in December For December sales For January sales: Percentage of Dec. purchases to be paid in December Payment in December for Budgated cash paymert in December for inventory purchases