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 $100,000; March, $500,000.

80% of sales are collected in the month FOLLOWING the sale; the remaining 20% of sales are collected in the month of sale.

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 in January?

0$200,000

$280,000

@$360,000

@$320.000