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Sales on account for the first two months of the current year are budgeted as follows: Jan. $ 328,000 Feb. 450,000 All sales are made

Sales on account for the first two months of the current year are budgeted as follows:

Jan. $ 328,000
Feb. 450,000

All sales are made on terms of 2/10, n/30 (2% discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows:

Collections within the month of sale:
Within discount period 60 %
After discount period 15
Collections within the month following sale:
Within discount period 15
After discount period 7
Returns, allowances, and uncollectibles 3
Total 100 %

Compute the estimated cash collections on accounts receivable for the month of February.

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