Meegan manufacturing has the following budgeted sales data:

	January	February	March	April
Cash Sales	$70,000	$90,000	$80,000	$70,000
Credit Sales	$400,000	$350,000	$300,000	$320,000

The regular pattern of collection of credit sales is 35% in the month of sale, 46% in the month following sale, and the remainder in the second month following the month of sale.

The budgeted accounts receivable balance on February 28 would be:

a.$303,500.00

b.$487,500.00

c.$405,000.00

d.$422,500.00