Kerwin Corporation has found that 80% 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 14% received two months after the sale 11% of the credit sales are never received November sales for last year were $90,000, while December sales were $120,000. Projected sales for the next three months are as follows: January sales, February sales March sales Requirement $ 160,000 $ 125,000 $ 185,000 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 Cash sales Collections on credit sales Kerwin Corporation Cash Collections Budget For the Months of January through March January February March Quarter Kerwin Corporation has found that 80% 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 14% received two months after the sale 11% of the credit sales are never received November sales for la $120,000. Projected s January sales, February sales March sales Requirement Prepare a cash collec each month and for th whale dalle\ Cash sales Collections on credit sales: 25% Month of sale 50% Month after 14% Two months after i Total cash collections