Karen Iverson Industries is preparing its budget for the 2020 fiscal year and estimates sales for 2020 to First Quarter Second Quarter Third Quarter Fourth Quarter Total $1,350,000 $1,475,000 $1,625,000 $1,420,000 $5,870,000 Total Sales Based on prior experience Iverson estimates that 20% of sales are cash sale with the remainder of sales being on account. Of that remaining sales. Iverson expects to collect 50% of the credit sales in the quarter of the sale, 30% in the quarter following the sale, and 20% in the second quarter following the sale. The balance sheet for December 31, 2019 is expected to have $15,000 from a large single credit sale in December that will be collected in the first quarter of 2020.. What would be the budgeted total cash receipts from customers for the fourth quarter of 2020? A. $1,420,000 B. $1,475,000 OC. $1,478,000 D. $5,870,000