Meredith Company has completed its sales budget for the first quarter of 2014. Projected credit sales for the first four months of the year are shown below: January $25,000 February $31,000 March $40,000 April $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: $40,000. $37,750. $33,250. $26,500.