LaChut 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, LaChut Corporation has experienced the following collection pattern: November sales for last year were $105,000, while December sales were $115,000. Projected sales for the next three months are as follows: 20% received in the month of the sale 40% received in the month after the sale 25% received two months after the sale 15% of the credit sales are never received January sales 150,000 February sales $ 120,000 March sales 200,000 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.) LaChut Corporation Cash Collections Budget For the Months of January through March January $ 30,000 Cash sales Collections on credit sales: 20% Month of sale 30000 40% Month after 60000 37500 25% Two months after 157500 Total cash collections