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: 20% received in the month of the sale 40% received in the month after the sale 22% received two months after the sale 18% of the credit sales are never received November sales for last year were $80,000, while December sales were $120,000. Projected sales for the next three months are as follows: January sales.. February sales $ 170,000 $ 135,000 $ 175,000 March sales.... 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.) Cash sales Collections on credit sales: 20% Month of sale 40% Month after 22% Two months after Total cash collections