Problem 1.2 (Calculating cash collections) The following is the sales budget for Shleifer, Inc., for the first quarter of 2016: Jannuary February March Sales budget $258,000 $274,200 $298,000 Credit sales are collected as follows: 65 percent in the month of the sale. 20 percent in the month after the sale. 15 percent in the second month after the sale. The accounts receivable balance at the end of the previous quarter was $122,800 ($87,750 of which wer uncollected December sales). a. Compute the sales for November. b. Compute the sales for December. c. Compute the cash collections from sales for each month from January through March. vere 65