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 February March April $25,000 $31,000 $40,000 $43,000 The company's past records show collection of credit sales as follows: 25% 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 $26,500. $33,250 $40,000 $37,750