Monette 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, Monette Corporation has experienced the following collection pattern: 25% received in the month of the sale 50% received in the month after the sale 15% received two months after the sale 10% of the credit sales are never received 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... $ 155,000 February sales.. $ 120,000 March sales... $ 185,000 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.) Cash sales Collections on credit sales: 25% Month of sale Monette Corporation Cash Collections Budget For the Months of January through March January February $ 62,000 23,250 50% Month after 34,500 9,900 15% Two months after $ 129,650 Total cash collections