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Belize Foam Factory, a manufacturer of mattresses and sofas has projected sales to be $890,000 in October, $950,000 in November, $1,025,000 in December, and $920,000 in January. The Foam Factorys sales are 25% cash and 75% credit. The Foam Factorys collection history indicates that credit sales are collected as follows:

25% in the month of the sales

65% in the month after the sale

8% two months after the sale

2% are never collected.

Requirements:

a. Prepare a Sales Budget for all four months, showing the breakdown between cash and credit sales. (10pts)

b. Prepare a cash collection budget for December and January. Round all answers up to the nearest dollar. (10pts)