1) Martinique's has a collection period of 60 days. Sales for the next calendar year are estimated at $1,550, $1,230, $1,780 and $2,800, respectively, by quarter starting with the first quarter of the year. Given this information, which one of the following statements is correct? Assume a 360-day year. A) B) C) D) E) The firm will collect $593.33 from Quarter 2 sales in Quarter 3. The firm will collect $1,133.33 in Quarter 2. The accounts receivable balance at the beginning of Quarter 4 will be $1,066.67. The firm will collect a total of $1,033.33 in Quarter 4. The firm will have an accounts receivable balance of $1,866.67 at the end of the year