Serdnic Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $890,000 in October, $958,000 in November, $1,025,000 in December, and $936,000 in January. Serdnic's sales are 30% cash and 70% credit. The company's collection history indicates that credit sales are collected as follows: 20% in the month of the sale 60% in the month after the sale 12% two months after the sale 8% 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 budget for all four months, showing the breakdown between cash and credit sales. Requirement 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. Serdnic Reeds Budgeted Cash Collections from Customers For the Months of December and January