ABC Co had sales of $8,000 in November, $16,000 in December, and projects sales of $10,000 for January, $12,000 for February, and $8,000 for March. The firm's cost of goods purchased 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. All sales and purchases are on credit. What is ABC Co's total cash collections for February? $7,000 $10,000 $16,000 $14,000 $11,200