View It is November 1 of Year 1. Sales for a multimedia company for November, December, and January (of Year 2) are forecasted to be as follows: November: $400,000 December: $600,000 January: $200,000 70% of sales are credit sales; the remaining sales are cash sales. Of these credit sales, 5% are collected during the month of sale, 25% in the following month, 65% in the second following month, and 5% are never collected. Total sales (cash and credit): . September, Year 1: $100,000 October, Year 1: $150,000 What is the forecasted amount of total cash collections in January