Phillips Company has no significant bad debt experience with its customers. Cash sales have accounted for 20 percent of total sales and payments for credit sales have been received as follows: o 45% of credit sales in the month of the sale. o 30% of credit sales in the first subsequent month. 15% of credit sales in the second subsequent month. 10% of credit sales in the third subsequent month. The forecast for both cash and credit sales is as follows: January February March April May $190,000 $182.000 $192.000 $196,000 $215,000 Calculate the forecasted cash receipts for Phillips Company for May. Show your work. I would prefer if you used Word or Excel to complete this