Monachino Corporation has found that $80\%$ 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:

View the collection pattern.

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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.$)$

Monachino Corporation

Cash Collections Budget

For the Months of January through March

Cash sales

Collections on credit sales:

$20\%$ Month of sale

$40\%$ Month after

$22\%$ Two months after

Total cash collections

Collection pattern

$20\%$ received in the month of the sale

$22\%$ received two months after the sale

$18\%$ of the credit sales are never received