Question 4 [CLO-4) Richards Corporation has the following budgeted sales for the first half of next year. 2 points Cash Sales Credit Sales January R0.000 $350,000 February $60,000 $200,000 March $50,000 $145,000 April $45.000 $130.000 May $55,000 $170.000 June $50,000 $150.000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on credit sales: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts receivable balance on January 1 is 570.000. Of this amount, 560,000 represents uncollected December sales and 510,000 represents uncollected November sales. The total cash collected during January would be $420,000 $300.000 $345.000 $315,000 $270.000 $390.000 $360,000 $330.000