Marthaler's Suits is looking for assistance with preparing a sales and cash receipts budget for the upcoming year. Dan, the owner, provides you with the following information: . The average suit sells for $575. 1,500 suits were sold in December. Expected sales: 1,600 in January, 1,800 in February, and 1,700 in March. Cash sales are expected to be 15% and the rest to be on credit. Of the credit sales, 40% are expected to be collected in the month of sale and the rest in the month following the sale. Cash payments are expected to be paid all on credit. 55% are expected to be paid in the month of purchase and the rest in the month following the purchase. 1. Create a sales budget for Marthaler's Suits for Q1. Sales Budget January February March Quantity Price Total Sales 2. Create the cash receipts budget for Marthaler's Suits for Q1. Cash Receipts Budget January February March Cash Sales Credit Sales Cash Collection of Credit Sales of Current Month Sales of Prior Month Sales Total Cash Receipts