Question 3 (15 marks) ErgoVogue Company manufactures and sells its chairs to offices and educational institutions. ErgoVogue expects to sell 1,500 chairs for $175 each in January, and 1,750 chairs for $175 each in February. All sales are cash only. Assume that ErgoVogue's sales are collected as follows: 50% in the month of the sale 30% in the month after the sale 18% two months after the sales 2% never collected November sales totaled $300,000 and December sales were $325,000. Prepare a schedule for the budgeted cash receipts from customers for January and February. Round answers to the nearest dollar. Required: a) Prepare a schedule for the budgeted cash receipts from customers for January and February. Round answers to the nearest dollar. (4 marks) b) Assume ErgoVogue Company pays for direct materials purchases 55% in the month of purchase and 45% in the month after purchase. The Accounts Payable balance on January 1 is $45,000. Total direct materials purchases for January were $ 57,505 and February were $ 147,245. Prepare a schedule for the budgeted cash payments for purchases for January and February. Round to the nearest dollar. (3 marks)