1 pts Question 4 It is January 1 of Year 2. Sales for Charlie Company for January, February, and March are forecasted to be as follows: January: $600,000 February: $750,000 March: $1,000,000 ALL sales are credit sales. Of these credit sales, 15% are collected during the month of sale, 55% in the following month, 25% in the second following month, and 5% are uncollectible. TOTAL sales for November and December of Year 1 were $500,000 and $300,000, respectively. What is the forecasted amount of total CASH COLLECTIONS in March? $700,000 $742,500 $682,500 $1,000,000 $712.500