PROBLEM 1. On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made on account. The following infomation was used in preparing estimated cash collections: August sales (actual) $40,000 September sales (actual) $50,000 October sales (estimated) $20,000 November sales (estimated) $70,000 December sales (estimated) $60,000 Approximately 60% of all sales are collected in the month of the sale, 30%is collected in the following month, and 10%is collected in the month thereafter. IF YOU WANT PARTIAL CREDIT SHOW YOUR WORK. 1.3. Refer to the information above. Budgeted collections from customers in December total A $55,000. B. $60,000. C. $64,000 D. $59,000