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: November sales for last year were $95,000, while December sales were $120,000. Projected sales for the next three months are as follows: 25% received in the month of the sale 50% received in the month after the sale 16% received two months after the sale 9% of the credit sales are never received January sales.. $ 165,000 February sales 125,000 March sales 185,000 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.) For the Months of January through March March January February 33,000 $ 25,000 Cash sales Collections on credit sales: 25% Month of sale 33,000 25,000 50% Month after 48,000 43000 12,160 E 12160 16% Two months after 126,160 110160 Total cash collections