Metlock State sells electronic products. The controller is responsible for preparing the master budget and has accumulated the information below for the months of January. February, and March. Balances at January 1 are expected to be as follows: The budget is to be based on the following assumptions: 1. Each month's sales are billed on the last day of the month. 2. Customers are allowed a 3% discount if their payment is made within 10 days sfter the billing date. Receivables are booked at gross. 3. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, and 9% by the end of the second month after the date of sale; 6% prove uncollect ible. 4. It pays 54% of all materials purchases and the selling, general, and administrative expen ses in the month purchased and the remainder in the following month. Each month's units of ending inventory are equal to 130% of the next montisunits of sales. 5. The cost of each unit of inventory is $20. 6. Selling, general, and administrative expenses, of which $2,100 is for depreciation, are equal to 15% of the current months sales. 7. Actual and projected sales are as follows: Calculate the budgeted cash collections during the month of January