ABC Company has projected Sales of $1616 in January. The sales are expected to grow by 11% each month.ABC's collection schedule is as follows:
ABC collects 28 percent of its sales in the month of sale and the remainder is collected in the following month. What is the amount of the February cash collections?
Enter your answer rounded off to two decimal points. Do not enter $ or comma in the answer box. For example, if your answer is $12.345 then enter as 12.35 in the answer box.