Part B - Project Scenario 1 (15 marks): You have been asked to work on the cash receipt forecast for a small business. Projected sales are shown in the following table: Month Projected Sales Month Projected Sales January $920,000 April $880,000 February $770,000 May $840,000 March $720,000 June $780,000 The business has the following collection policy: 15% of sales are collected in the month of the sales. 70% of sales are collected in the month following the sales. 10% of the sales are collected in the second month following the sales 5% of the sales are collected in the third month following the sales Required: Prepare the cash receipt forecast for April, May and June. Show all of your working and round your answer to the nearest whole number. April May June Expected sales 15% collected in the month of sales 70% collected in the month following sales 10% collected in the 2nd month following sales 5% collected in the 3rd month following sales Total cash receipts from sales Show your working in the