It is January 1 of Year 2. Sales for Harry Company for January, February, and March are forecasted to be as follows: January, $200,000; February $400,000; March, $500,000. 20% of sales are for cash. Of the credit sales, 10% are collected during the month of sale, 30% in the following month, and 60% in the second following month. TOTAL sales for November and December of Year 1 were $200,000 and $400,000, respectively. What is the forecasted amount of total CASH COLLECTIONS FROM SALES in January? Note: This is the sum of immediate collections from cash sales, same-month cash collections of credit sales, and cash collections from credit sales made in prior months. $254,000 $272,000 $266,000 $236,000 $248,000