Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: - Sales are budgeted at $410,000 for November, $390,000 for December, and $380,000 for January. - Collections are expected to be 50% in the month of sale and 50% in the month following the sale. - The cost of goods sold is 80% of sales. - The company would like to maintain ending merchandise inventories equal to 70% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. - Other monthly expenses to be paid in cash are $24,700. - Monthly depreciation is $15,700. - Ignore taxes. The LaGrange Corporation had the following budgeted sales for the first half of the current year: 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: 45% in month of sale 40% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $69,000, of which $44,000 represents uncollected December sales and $25,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: Multiple Choice $301,000