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 $90,000, 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 January sales S 155,000 February sales $ 120.000 March sales $ 180,000 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 15% received two months after the sale 10% of the credit sales are never received 1-II- Kerwin Corporation Cash Collections Budget For the Months of January through March January February $ 46,500 $ 36,000 Cash sales Collections on credit sales: 27,125 25% Month of sale 50% Month after 38,500 15% Two months after 9,450 $ 121,575 Total cash collections