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: Total April $370,000 $570,000 $180,000 $1,120,000 May June Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $300,000, and March sales totaled $330,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter