It is January 1 of Year 2. Sales for Annie Company for January, February, and March are forecasted to be as follows:

January: $400,000

February: $350,000

March: $600,000

All sales are credit sales. Of these credit sales, 22% are collected during the month of sale, 35% in the following month, 40% in the second following month, and 2% are uncollectible. TOTAL sales for November and December of Year 1 were $200,000 and $750,000, respectively.

What is the forecasted amount of total CASH COLLECTIONS in February?

Group of answer choices

$627,000

$587,000

$597,000

$517,000

$637,000

$607,000