Music, Ltd., a manufacturer of saxophone, oboe, and darinet reeds, has projected sales to be $200,000 in Ocloder, $988,000 in November, 81,030,000 in December, and 8998,000 in January. The company's sales are 22% cash and 78% credit, and collectior history indicates that credit sales are collected as follows: 24% in the month of the sale 64% in the month after the sals 8% two months after the sale 4% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2. Prepare a cash collection budget for December and January Round all riswers up to the nearest tallar. Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. (Round all answers up to the nearest dollar.) Music. Ltd. Sales Budget October November December Cash sales January Credit sales Total sales Requirement 2. Prepare a cash collection budget for December and January. (Round all answers up to the nearest dollar.) Music, Ltd. Budgeted Cash Collections from Customers Decambar January Cash sales Collection of credit sales: 24% of current month credit sales 61% of prior month credit sales 6% of credit sales two months ago Total collection of credit sales Total cash colections