LamMorning Section 6 Help Save & Exit 11 Flatiron Corp has the following budgeted sales in each quarter of the year 2020: 00:58 Expected Sales $ 300,000 $ 320,000 $ 340,000 $360,000 Cash collection information are as follows: 1. Of all sales, 70% are on credit. 2. For the credit sales made in the year 2020; 60% of credit sales are collected in the quarter in which the sale is made: 30% are collected in the following quarter, and 10% are collected in the second quarter after sale. 3. Accounts Receivable is estimated to be $60,000 on December 31,2019. The company expects to collect all outstanding receivable in the first quarter of 2020. What is the total cash collection for the first quarter of 2020