3. (15 points) A company is formulating its plans for the coming year, including the preparation of its cash budget. Historically, the company's sales are 25% cash. The remaining sales are on credit with the following collection patterns Collections on Account Perc enta ge In the month of sale 3 0 % In the month following the sale 50 % In the second month following the sale % 18 Uncollectible 2 se Sales for the first 5 months of the coming year are forecast as follows: Sales for the first 5 months of the coming year are forecast as follows: January $ 3,500,000 February 3,800,000 March 3,600,000 April 4,000,000 4,200,000 May Required: Compute the total cash receipts from sales and collections on accounts for the month of April