LaChut 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, LaChut Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received November sales for last year were $90,000, while December sales were $115,000. Projected sales for the next three months are as follows January sales February sales March sales Requirement $145,000 $ 130,000 $170,000 Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. Cash sales Collections on credit sales 25% Month of sale 50% Month after 16% Two months after Total cash collections LaChut Corporation Cash Collections Budget For the Months of January through March $ January 43,500 $ February March Quarter