Augustine Reeds, a manufacturer of saxophone, oboe, and clarinet reeds, has projected sales to be $ 904 comma 000 in October, $ 964 comma 000 in November, $ 1 comma 045 comma 000 in December, and $ 936 comma 000 in January. Augustine's sales are 20% cash and 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. a. Use cell references from the prior requirement, if applicable.

1. Sales Budget

                                 October          November        December          January

Total Sales            $ 904,000        $ 964,000       $1,045,000       $ 936,000

Cash Sales - 20    $180,800           $192,800         $209,000         $187,200

Credit Sales - 80%$723,200           $771,200         $836,000         $748,800

2.Cash collections budget

                                                           December          January

Cash Sales                                         $209,000           $187,200

Credit Sales - 30% (0)                        $250,800          $224,640  

Credit Sales - 60% (1)                         $462,720           $501,600

Credit Sales - 8%   (2)                        $   57,856           $  61,696

Total                                                    $980,376           $975,136

Explanation:

1. Sales Budget

The Budget shows Both Cash and Credit Sales expected by the firm

2.Cash collections budget

Include Cash collections from both Cash and Credit Sales (as appropriate)

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