The Following information pertains to the Januarys operating budget for Morgan Corporation

Budgeted sales for January $100,000 and February $200,000.

Collections for sales are 60% in the month of sale and 40% the prior month (December)

Gross margin is 30% of sales.

Administrative costs are $10,000 each month

Beginning accounts receivable is $20,000.

Beginning inventory is $14,000.

Beginning accounts payable is $60,000. (All from inventory purchases.)

Purchases are paid in full the following month

Desired ending inventory is 20% of next month's cost of goods sold (COGS).

Compute the Following

-Budgeted Cash collections for January

-Budgeted Cash Payment for January