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Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: - Sales are budgeted at $307,000 for November, $327,000 for December, and $227,000 for January. - Collections are expected to be 60% in the month of sale and 40% in the month following the sale. - The cost of goods sold is 75% of sales. the month following the purchase. - Other monthly expenses to be paid in cash are $22,800. - Monthly depreciation is $29,500. - Ignore taxes. The expected cash collections for February is closest to: Multiple Choice $970,000 $1,028,200 $349,200 $679,000 Multiple Choice $245,250 $230,250 $153,225 $177,750 Credit sales are collected: 30% in the month of the sale 70% in the following month Raw materials purchases are paid: 30% in the month of purchase 70% in the following month The ending finished goods inventory should equal 30% of the following month's sales. The ending raw materials inventory should equal 10% of the following month's raw materials production needs. The expected cash collections for February is closest to