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Assume all sales occur evenly during the year, i.e. each month represents 1/12th of annual sales. All sales are made on account and the following additional information pertaining to Accounts Receivable is used for budgeting purposes 0 Sales by month in 2019 1 November Sales 22 December Sales 720,000 680,000 43 44 Accounts Receivable Collection Schedule as % of Sales 45 In month of Sale 46 In month following the Sale 47 in the 2nd month following the Sale 48 Expected Bad Debts 42% 35% 20% 3% 50 Complete the following Cash Collections Schedule on Sales for Q1 2020 Month Amount Collected in February January March Net Accounts Month of Sale Receivable November December January February March Total Cash Collected 8 DATA 9 2020 projected sales: Product 11 P1 12 P2 Sales 41,000 76,000 Price $64.00 $77.00 14 2020 projected Finished Goods inventory balance (units) Product 1/1/2020 12/31/2020 16 P1 10,000 12,000 17 P2 22,000 20,000 19 Calculate the following forecasts based upon the 20 above data 22 Forecast Revenues from Product 1 (P1) $2,624,000 23 24 Forecast Revenues from Product 2 (P2) $5,852,000 26 Forecast Total Revenues 27 $8,476,000