Woodpecker Co. has $292,000 in accounts receivable on January 1. Budgeted sales for January are $993,000. Woodpecker Co. expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. The January cash collections from sales are a. $651,840 b. $869,120 c. $1,086,400 d. $1,378,400