Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget for the second quarter given below: April May June Total Budgeted sales (all on account) $ 350,000 $ 550,000 $ 190,000 $ 1,090,000 From past experience, the company has learned that 25% of a months sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $280,000, and March sales totaled $310,000. Required: 1. Prepare