Exercise $23\mathrm{.}8($Algo$)$ Budgeting Cash Receipts $($LO$23-4,$ LO$23-5)$

Sales on account for the first two months of the current year are budgeted as follows.

January $ $447,000$

February $933,000$

All sales are made on terms of $2/10,$ n$/30(2$ percent discount if paid in $10$ days, full amount by $30$ days$)$; collections on accounts receivable are typically made as follows.

Collections within the month of sale:

Within discount period $60\%$

After discount period $15$

Collections within the month following sale:

Within discount period $15$

After discount period $7$

Returns, allowances, and uncollectibles $3$

Total $100\%$

Compute the estimated cash collections on accounts receivable for the month of February.