Required: 1. Prepare a sales budget for the first quarter (Q1) and the first quarter in total. The selling price per unit is $50.00. budgeted sales in units would be: December of the previous year 70,000 January 80,000 February 60,000 March 80,000 April 100.000 Past experience shows that 45% of sales are collected in the month of the sale, and 55% in the month following the sale. Your Company Name Sales Budget For the first quarter ended March 2020 Budgeted unit sales Selling price per unit Total sales December 70,000 $0.00 $0 Quarter 1 January February March 80,000 60,000 80,000 $0.00 $0.00 $0.00 $0 $0 $0 Total 220,000 $0.00 $0 April 100,000 $0.00 $0 Scheduled of Expected Cash Collections January February March Total Beginning accounts receivable (December) January February March Total cash collection id:1778680 Budget for a retail company 8 All 3 Months Quarter 2 May Quarter 1 February 60,000 December 70,000 June January 80,000 March 80,000 Total April 220,000 | 100,000 Sales Budget Budgeted unit Sales Selling price per unit % of sales collected in the month of sale % of sales collected in the 1st month after sale