Yung Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $894 000 in October, 5950,000 in November, 51030,000 in December and $932,000 in January. Yung's sales are 30% cash and 70% credit. The company's collection history indicates that credit sales are collected as follows 25% in the month of the sale 60% in the month after the sale 8% two months after the sale 7% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January Round all answers up to the nearest dollar Requirement 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales Yung Reeds Sales Budget For the Four Months Ended January October November December January Cash sales Credit sales Total sales Requirement 2. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar Yung Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $894,000 in October $950,000 in November, 51,030 000 in December and $932,000 in January Yung's sales are 30% cash and 70% credit. The company's collection history indicates that credit sales are collected as follows 25% in the month of the sale 60% in the month after the sale 8% two months after the sale 7% are never collected Requirements 1. Prepare a sales budget for all four months, showing the breakdown between cash and credit sales 2. Prepare a cash collection budget for December and January Round all answers up to the nearest dollar Requirement 2. Prepare a cash collection budget for December and January Round all answers up to the nearest dollar Yung Reeds Budgeted Cash Collections from Customers For the Months of December and January December January Cash sales Collection of credit sales 25% of current month credit sales 60% of prior month credit sales 8% of credit sales two months ago Total collection of credit sales Total cash collections