The following information pertains to Courvoisier Company: Month Sales Purchases January $40,000 $26,000 February $30,000 $30,000 March $60,000 $48,000 The company's sales are 25% cash and 75% credit. Credit sales are collected as follows: 20% collected in month of sale; 70% in the month after the sale -10% two months after the sale 20% of purchases are paid for in cash in the month of purchase, and the remaining is paid the following month. Labour costs are 30% of sales. Other operating costs are $15,000 per month (including $4,000 of depreciation). Both of these are paid in the month incurred. There are no other cash payments. The cash balance on March 1 is $4,000. A minimum cash balance of $3,000 is required at the end of the month. Money can be borrowed in multiples of $1,000. Required: 1. What is the total cash collection in March? 2. What is the total cash payment in March? 3. How much will Tiffany need to borrow in March?