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 22% received two months after the sale 3% of the credit sales are never received November sales for last year were $85,000, while December sales were $120,000. Projected sales for the next three months are as follows: January sales... $ 155,000 February sales. $ 125,000 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.) Berkner Corporation Cash Collections Budget For the Months of January through March January February Cash sales $ 60,000 $ 50,000 $ March Quarter 68,000 $ 178,000 Collections on credit sales: 25% Month of sale 22,500 18,750 25,500 66,750 50% Month after 34,500 45,000 37,500 117,000 11,880 12,420 16,200 40,500 18% Two months after $ 128,880 $ 126,170 $ 147,200 $ 402,250 Total cash collections