Smith Corporation has found that 80% of its sales in any given month are credit sales, while the remainder are cash sales. Of the credit sales, Smith Corporation has experienced the following collection pattern: View the collection pattern. View additional information. Requirement Prepare a cash collections budget for the first quarter, with a column for each month and for the quarter. (Round your answers to the nearest whole dollar.) Collection pattern 25% received in the month of the sale 50% received in the month after the sale 15% received two months after the sale 10% of the credit sales are never received Additional information November sales for last year were $80,000, while December sales were $110,000. Projected sales for the next three months are as follows