Sales Receipts: The financial manager of Hearty Cereals is in the process of preparing a cash budget for the first quarter of 2012. The firm typically sells 1/3 of its monthly sales on cash terms and the rest on credit. An analysis of the accounts receivables shows that on average 40% of the sales are collected in the next month, 50% in 60 days, 7% in 90 days, with the rest ending up as bad debts. As the manager's assistant it is your job to project the sales receipts for the first quarter of 2012, using the monthly sales figures listed below 2011 Sales October $1,750,000 November $2,000,000 December $2,450,000 2012 Forecasted Sales January $1,850,000 February $1,650,000 March $1,900,000