Kerwin Corporation has found that 70% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Kerwin Corporation has experienced the following collection pattern: 20% received in the month of the sale 40% received in the month after the sale 24% received two months after the sale 16% of the credit sales are never received November sales for last year were $85,000, while December sales were $110,000. Projected sales for the next three months are as follows: $ 155,000 $ 115,000 $ 170,000 January sales... February sales.. March sales Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.) Cash sales Collections on credit sales: 20% Month of sale 40% Month after 24% Two months after Total cash collections Kerwin Corporation Cash Collections Budget For the Months of January through March January