ABC Company had the following budgeted sales for the first half of the current year: Credit Cash Sales Sales January $70,000 $340,000 February $50,000 $190,000 March $40,000 $135,000 April $35,000 $120,000 May $45,000 $160,000 June $40,000 $140,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on sales: 60% in month of sale 30% in month following sale 10% in second month following sale What is the budgeted accounts receivable balance on May 31? O $56,000 O $76,000 $64,000 O $132,000