Osprey Corp. manufactures and sells a widget that has peak sales in the third quarter. The following information concerns operations for 2022 - the coming year - and the first two quarters of 2023. - Osprey's sells widgets for $10 each. Budgeted unit sales for the next six quarters are as follows (all sales are on credit): - 80% of the receipts due from sales is collected in the quarter the sales were made and the remaining 20\% is collected in the following quarter. On 12/31/21 the company's balance sheet showed $50,000 in accounts receivable, all of which will be collected in the first quarter of 2022. - The company desires an ending finished goods inventory at the end of each quarter equal to 20% of the budgeted unit sales for the next quarter. On 12/31/21, the company had 8,000 widgets on hand. - Six pounds of raw materials are required per widget. The company requires ending raw materials inventory at the end of each quarter equal to 20% of the following quarter's production needs. On 12/31/21 Osprey had 50,400 pounds of raw materials on hand. - The raw materials costs $0.50 per pound. Raw materials are paid for in the following pattern: 70% in the quarter the purchases are made, and the remaining 30% paid in the following quarter. On 12/31/21 Osprey's balance sheet showed $70,000 in accounts payable for raw materials purchases, all of which will be paid in the first quarter of 2022. Question 2 2 pts What are Osprey's expected cash collections in the 3rd quarter of 2022