1. Virginia Corporation expects to earn revenues of $3,000,000 in October, $3,500,000 in November, and $3,800,000 in December. Half of Virginia’s sales are cash and half credit. Of the credit sales, 60% are collected in the month of sale, 25% in the month following sale, 10%

in the second month following sale, and 5% are uncollectible.

Calculate cash collections for December.