November sales for last year were as follows: 20, while December sales were $1 Grammit Wholesalers has found that of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Grammit Wholesalers has experienced the following collection pattern: Projected sales for the next three months are $ % paid in the month of the sale % paid in the month after the sale 1% paid two months after the sale January sales February sales. March sales Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. of the sales are never collected (Round your answers to the nearest whole dollar.) Grammit Wholesalers Cash Collections Budget For the Months of January through March January February March Quarter Cash sales $ 29,160 $ 22,140 || $ 32,940 Collections on credit sales: 22% Month of sale 29,225 22,189 33,013 44% Month after 44,378 42,574 15,350 58,450 23,222 24% Two months after 31,882 $ 116,309 $ 126,001 $ 142,213 || $ 384,523 Total cash collections Fleming Wholesalers has found that 79% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Fleming Wholesalers has experienced the following collection pattern: November sales for last year were $77,000, while December sales were $121,500. Projected sales for the next three months are as follows: 24% paid in the month of the sale 48% paid in the month after the sale 19% paid two months after the sale 9% of the sales are never collected January sales $ 163,000 February sales. $ 124,000 March sales 184,000 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.) Fleming Wholesalers Cash Collections Budget For the Months of January through March January Cash sales Collections on credit sales: 24% Month of sale 48% Month after 19% Two months after Total cash collections