12. Orchard has forecast sales to be $132,000 in February, $136,000 in March, $154,000 in April, and $142,000 in May. The average cost of goods sold is 70% of sales. All sales are made on credit and sales are collected 65% in the month of sale, and 35% the month following. What is the budgeted Accounts Receivable balance on May 31?