Rovniak Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $902,000 in October, $966,000 in November, $1,070,000 in December, and $930,000 in January. Rovniak's sales are 20% cash and 80% credit. The company's collection history indicates that credit sales are collected as follows: 25% in the month of the sale 60% in the month after the sale 12% two months after the sale 3% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales, 2. Prepare a cash collection budget for December and January, Round all answers up to the nearest dollar Requirement 1. Prepare a sales nuaget for all four months, showing the breakdown between cash and credit sales. Rovniak Reeds Sales Budget For the Four Months Ended January October November December January Cash sales $ 180,400 $ 193,200 $ 214,000 $ 186,000 Credit sales 721,600 772,800 856,000 744,000 Total sales 902.000 $ 966,000 $ 1,070,000 $ 930,000 Requirement 2. Prepare a cash collection budget for December and January, Round all answers up to the nearest dollar. P Rovniak Reeds Budgeted Cash Collections from Customers For the Months of December and January December January Cash sales Collection of credit sales: 25% of current month credit sales 60% of prior month credit sales 463,680 12% of credit sales two months ago Total collection of credit sales Total cash collections