A company's history indicates that 20% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 55% in the next month, 15% the following month, and 10% is uncollectible. Projected sales for December, January, and February are $63,000, $88,000 and $98,000, respectively. The February expected cash receipts from all current and prior credit sales is:

Multiple Choice

• $29,920

• $52,160

• $61,960

• $102,300

• $71,760