Jim Daniels Health Products has eight stores. The firm wants to expand by two more stores and needs a bank loan to do this. Mr. Hewitt, the banker, will finance construction if the firm can present an acceptable three- month financial plan for January through March. Following are actual and forecasted sales figures: Actual Forecast November $280,000 January $360,000 December 300,000 February 400,000 March 420,000 Of the firm's sales, 30 percent are for cash and the remaining 70 percent are on credit. Of credit sales, 20 percent are paid in the month after sale and 80 percent are paid in the second month after the sale. Materials Of the firm's sales, 30 percent are for cash and the remaining 70 percent are on credit. Of credit sales, 20 percent are paid in the month after sale and 80 percent are paid in the second month after the sale. Materials cost 40 percent of sales and are purchased and received each month in an amount sufficient to cover the current month's expected sales. Materials are paid for in the month they are received. Labour expense is 30 percent of sales and is paid in the month of sales. Selling and administrative expense is 7 percent of sales and is also paid in the month of sales. Overhead is $30,000 in cash per month; amortization expense is $10,400 per month. Taxes of $8,400 will be paid in January and dividends of $4,000 will be paid in March. Cash at the beginning of January is $88,000 and the minimum desired cash balance is $83,000. Compute the total cash receipts for January. The cash receipts will include credit sales collected in the month after the credit sales plus the credit sales collected two months after the credit sales and the cash sales from the current month. Compute the total cash receipts for February. The cash receipts will include credit sales collected in the month after the credit sales plus the credit sales collected two months after the credit sales and the cash sales from the current month. Choose... Choose... + Compute the total cash receipts for March. The cash receipts will include credit sales collected in the month after the credit sales plus the credit sales collected two months after the credit sales and the cash sales from the current month. Choose