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: November sales for last year were $100,000, while December sales were $110,000. Projected sales for the next three months are as follows 25% received in the month of the sale 50% received in the month after the sale 24% received two months after the sale January sales February sales $ 145,000 $ 120,000 !!!! March sales. $ 190,000 1% of the credit sales are never received 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.) Kerwin Corporation Cash Collections Budget For the Months of January through March January February March Quarter Cash sales Collections on credit sales: 25% Month of sale 50% Month after 24% Two months after Total cash collections