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 wales (all on account) February March April May $290,000 $320,000 $360,000 $560,000 June $220,000 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. 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 Juno Total February sales $ 0 March sales 0 April sales 0 May sales June sales Total cash collections $ 0 $ 0 $ 0 $ OOOO tequired DO