A company's history indicates that 25% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 50% in the next month, and 20% the following month. Projected sales for January, February, and March are $79,000, $104,000 and $114,000, respectively. The March expected cash receipts from all current and prior credit sales is:

Multiple Choice

• $56,550

• $79,350

• $67,950

• $90,600