Budgeted sales for the first six months of 20X1 for MCL Corporation are as follows: Cash Sales Credit Sales January February $ 80,000 $180,000 $ 85,000 $200,000 March April May June $ $ 48,000 $160,000 $ 43,000 $ 128,000 53,000 $ 230,000 $110,000 $220,000 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: 50% in month of sale 40% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $75,000, of which $47.000 represents uncollected December sales and $28.000 represents uncollected November sales What is the total cash collected during January by MCL Corporation? What is the total cash collected during January by MCL Corporation? $321,000 $264,000 $94,000 $235,600