It is january 1 of year 2. sales for harry company for january, february, and march are forecasted to be as follows: january, $200,000; february $400,000; march, $500,000. 20% of sales are for cash. of the credit sales, 10% are collected during the month of sale, 30% in the following month, and 60% in the second following month. total sales for november and december of year 1 were $200,000 and $400,000, respectively. what is the forecasted amount of total cash collections from sales in january? note: this is the sum of immediate collections from cash sales, same-month cash collections of credit sales, and cash collections from credit sales made in prior months.