1. Ingalls Mercantile Inc. sells bolts of fabric to retailers for $80 per bolt. The companys accountant has prepared the following sales forecast (in bolts) for the first quarter of 2017:

   January 700 bolts February 1000 bolts March 800 bolts

   Historically, the cash collection of sales has been as follows: 60 per cent in the month of sale, 30 per cent in the month following sale, and 9 per cent in the second month following sale.

   Cash receipts for March are expected to be:

   		$57 840
   		$61 920
   		$67 440
   		$33 600