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95. Tidwell Corporation sells a single product for $20 per unit. All sales are on account, with 60% collected in the month of sale and 40% collected in the following month. A schedule of cash collections for January through March of the coming year reveals the following receipts for the period. Cash Receipts January February March December receivables $32,000 From January sales 54,000 $36,000 From February sales 66,000 $44,000 From March sales 72,000 Other information includes the following. . Inventories are maintained at 30% of the following month's sales. Tidwell desires to keep a minimum cash balance of $15,000. Total payments in January are expected to be $106,500, which excludes $12,000 of depreciation expense. Any required borrowings are in multiples of $1,000. The December 31 balance sheet for the preceding year revealed a cash balance of $24,900. Ignoring income taxes, the financing needed in January to maintain the firm's minimum cash balance is a. $8,000. b. $10,600. c. $11,000. d. $23,000.