You have been asked to forecast the cash receipts from credit sales for the month of May for the Reid Company. The company is engaged in seasonal production, and May credit sales are estimated to be only $144,000. Discount terms of 2/10, n/30 are offered customers as an incentive to pay their bills early. The collection pattern is assumed to be 20 percent during the discount period and month of sale; 7 percent after the discount period has expired, but within the month of sale; 43 percent in the first month after sale; 28.5 percent in the second month after sale. The accounts receivable balance as of April 30 is $164,250; one-third of the balance represents March sales and the remainder, April sales. All accounts receivable from months prior to March have been paid or written off.

Required:

Determine the May cash receipts from credit sales.