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CONFIDENTIAL Question 1 (10 marks: 18 minutes) Month January February March April Sales R400 000 R320 000 R440 000 R360 000 65% in month of sale 24 25% in month following sale 8% in second month following sale 2% uncollectible The company allows a 2% cash discount for payments made by customers during the month of the sale. November and December sales were $400,000 and $240,000, respectively. Al sales are on account Required: 1.1 Prepare a schedule of budgeted cash collections from sales for January, Februar and March (10 Miller Corporation has the following sales budget for the first four months of the current year: Historically, the following trend has been established regarding cash collection of sales