Teddy Bear Company forecasts to begin business on January 1, Year 1. Teddy has forecasted the following sales budget for the first quarter of Year 1: First January February March Quarter Budgeted Sales $200, 000 $250, 000 $300, 000 $750, 000 Teddy wants to forecast monthly cash collections based on the following estimates: Collections on account: 70% in the month of sale 20% in the month following sale 6% in the second month following sale Uncollectible accounts have averaged 4% of receivables. The company gives a 2% discount for payments made by customers during the month of sale. Required: How much cash will be collected in March