Jackson Company's credit history indicates that 60 percent of revenue is collected in the quarter the sales occur, 35 percent in the quarter following the month of sales, and 5 percent in the quarter thereafter. Assume all of Jackson's sales are on credit. Credit sales are expected to be $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson's cash collections from sales be for the 3rd quarter? $470,000 $318,000 $212,000 $515,500 $500,000