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: November sales for last year were $110,000, while December sales were $115,000. Projected sales for the next three months are as follows: January sales $ 165,000 20% received in the month of the sale H. February sales $ 125,000 40% received in the month after the sale March sales $ 200,000 25% received two months after the sale 15% of the credit sales are never received 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 January February 33,000 Cash sales Collections on credit sales: 20% Month of sale 26,400 40% Month after 36,800 25% Two months after 22,000 $ 118,200 Total cash collections