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 22% received two months after the sale 18% 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 January sales February sales $145,000 $ 120,000 $170,000 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 Kerwin Corporation Cash Collections Budget For the Months of January through March January 43,500 20,300 40% Month after 40600) 24360 22% Two months after 128760 Total cash collections