Question: Consider the following information for a given company: Month Cash Sales Credit Sales Jan $80,000 $350,000 Feb $60,000 Mar $50,000 $200,000 $145,000 $130,000 Apr $45,000

Consider the following information for a given company: Month Cash Sales Credit Sales Jan $80,000 $350,000 Feb $60,000 Mar $50,000 $200,000 $145,000 $130,000 Apr $45,000 May $55,000 $50,000 $170,000 $150,000 Jun The firm's collection pattern is as follows: 60% in the month of sale 30% one month following sale 10% two months following sale The accounts receivable balance on 1 Jan is $70,000. Of this amount, $60,000 represents uncollected Dec sales and $10,000 represents uncollected Nov sales. Required: Determine the total cash collected during Jan

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