A firm reported sales of $20,000 in November, $40,000 in December, and projects sales of $30,000 for January, $60,000 for February, and $35,000 for March. The firm's cost of goods sold every month is equal to 70% of the next month's sales. The firm collects its receivables in 60 days and pays its payables in 30 days. The firm begins January 1 with $50,000 in cash. All sales and purchases are on credit. What are the total cash collections for February? Select one: a. $40,000 b. $70,000 c. $30,000 d. $20,000 e. $50,000