November sales for last year were $100 000, while December sales were $110,000 Projected sales for the next three months are as follows: Monachino 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, Monachino Corporation has experienced the following collection pattern 25% received in the month of the sale 50% received in the month after the sale 24% received two months after the sale January sales S 170,000 February sales $ 125,000 March sales $ 175,000 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) 1% of the credit sales are never received Monachino Corporation Cash Collections Budget For the Months of January through March January February March Quarter Cash sales Collections on credit sales 25% Month of sale 50% Month after 24% Two months after Total cash collections