Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: Budgeted sales (all on account) February March April June May $410,000 $440,000 $480,000 $680,000 $260,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Complete this question by entering your answers in the tabs below. Required 1 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June Total February sales March sales $ 4,100 $ 4,100 26,400 4,400 30,800 April sales 144,000 288,000 432,000 May sales 204,000 204,000 June sales 0 Total cash collections $ 174,500 $ 496,400 $ 0 $ 670,900 Required 1 < Prev 7 of 14 Main