XYZ Company expects the following sales and collection pattern for the first 4 months of the year.

Month

Cash Sales

Credit Sales

Total Sales

January

$12,000

$23,000

$35,000

February

$8,000

$22,000

$30,000

March

$9,000

$25,000

$34,000

April

$11,000

$28,000

$39,000

5% of credit sales are collected in the same month.

75% of sales are collected in the following month.

15% of sales are collected in the second following month.

What are the projected cash collections for the month of March?

Group of answer choices

$41,200

$30,200

$21,200

$17,250