Markham Company has completed its sales budget for the first quarter of Year 2. Projected credit sales for the first four months of the year are shown below: January $32,000 February $38,000 March April $47,000 $50,000 The company's past records show collection of credit sales as follows: 32% in the month of sale and the balance in the following month. The total cash collection from receivables in March is expected to be: Multiple Choice $44,120 47000