Monachino Corporation has found that 60% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Monachino Corporation has experienced the following collection pattern: November sales for last year were $110,000, while December sales were $115,000. Projected sales for the next three months are as follows: 25% received in the month of the sale 50% received in the month after the sale 20% received two months after the sale January sales... $ 150,000 February sales. 135,000 March sales $ 180,000 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.) 5% of the credit sales are never received Monachino Corporation Cash Collections Budget For the Months of January through March January February March Quarter Cash sales Collections on credit sales: 25% Month of sale 50% Month after 20% Two months after Total cash collections