The Matisse Co. has budgeted for the following sales for the first quarter of 2015: January February March $100,000 $120,000 $110,000 All sales are on credit. The Matisse Co. expects the following schedule for cash collections: 25% in the month of sale, 70% in the month following the sale and 5% in the second month following the sale. Required: Compute cash collections for the month of February. a) $115,500 b) $30,000 c) $100,000 d) $55,000