(January 2013 (Budget (November 2012 (Actual (December 2012 (Budget 80,000$ 100,000$ Cash Sales 60,000$ Credit Sales 240,000$ 180,000$ 360,000$ 460,000$ Total Sales 320,000$ 240,000$ Additional Information: Management estimates that 5% of credit sales are uncollectible. . Of the credit sales that are collectible, 60% are collected in the month of sale and the remainder in the month following the sale. Purchases of inventory each month are 70% of the next month's projected total sales. All purchases of inventory are on account; 25% are paid in the month of purchase, and the remainder are paid in the month following the purchase. Required: 1. Calculate Salam's budgeted cash collections in December 2012 from November 2012 credit sales 2. Estimate Salam's budgeted total cash receipts in January 2013 3. Estimate Salam's budgeted total cash payments in December 2012 for inventory purchases credit sale