llowing data pertain to Damon Manufacturina's operations: Data Table eq Current Assets as of December 31 (prior year): Cash 4,460 Accounts receivable, net 51,000 15,300 122,500 Inventory Property, plant, and equipment, net Accounts payable Capital stock $ 43,000 124,500 Retained earnings. . 22,800 Print Done a. Actual sales in December were $76,000. Selling price per unit is projected to remain stable at $9 per unit throughout the budget period. Sales for the first five months of the upcoming year are budgeted to be as follows: January $ 80,100 February $ 89,100 March $ 82,800 April. $ 85,500 May. $ 77,400 b.Sales are 30% cash and 70% credit. All credit sales are collected in the month following the sale. c. Damon Manufacturing has a policy that states that each month's ending inventory of finished goods should be 10% of the following month's sales (in units). d.Of each month's direct material purchases, 20% are paid for in the month of purchase, while the remainder is paid for in the month following purchase. Two pounds of direct material is needed per unit at $1.50 per pound. Ending inventory of direct materials should be 20% of next month's production needs. Requirement 1. Prepare a schedule of cash collections for January, February, and March, and for the quarter in total. Damon Manufacturing Cash Collections Budget For the Quarter Ended March 31 Month March Quarter January February 24,030 $ 26,730 $ Cash sales $ 24,840 $ 75,600 Credits sales 53,200 56,070 62,370 171,640 $ 77,230 $ 82,800 $ 87,210 $ 247,240 Total cash collections Requirement 2. Prepare a production budget. (Hint: Unit sales = Sales in dollars / Selling price per unit.) Damon Manufacturing Production Budget For the Quarter Ended March 31 Month January February March Quarter Unit sales Plus: Desired ending inventory Total needed Less: Beginning inventory Units to produce