A company has an A/R collection pattern where 10 % of a given month's sales are collected in the month of sale, 70% is collected one month after sale, and the remaining 20% is collected two months after sale. It is currently the end of June, and the historical monthly sales over the past three months were as follows: April - $150,000, May - $300,000 and June - $400,000. If the projections for July sales are $500,000, what is the forecast of total collections in July? $420,000 $340,000 $290,000 $390,000