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: 25% received in the month of the sale 50% received in the month after the sale 22% received two months after the sale 3% of the credit sales are never received COCOS November sales for last year were $100,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales. $ 180,000 February sales $ 130,000 March sales $ 190,000 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 54,000 Cash sales Collections on credit sales: 25% Month of sale 50% Month after 22% Two months after Total cash collections 31,500 40,250 15.400 $ 141,150