Fenton Ltd's projected revenue for 20X1 is 350,000. It is forecast that 12% of sales will occur in January and remaining sales will be equally spread among the other 11 months. All sales are on credit. Receivables accounts are settled 50% in the month of sale, 45% in the following month, and 5% are written off as bad debts after two months. Requirement The budgeted cash collections for March are