The Master Budget Sales and cash collections budgets Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be: OctoberNovember December January $904,000964,000 $1,045,000 936,000 Augustine's sales are: 20% cash 80% credit The company's collection history indicates that credit sales are collected as follows: 30% in the month of the sale 60% in the month after the sale 8% two months after the sale 2% are never collected Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirements 1 Prepare a sales budget for all four months, showing the breakdown between cash and credit sales. 2 Prepare a cash collections budget for December and January