Crane Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $912000 ($304000 per month). Sales are 70% cash, with the remaining 30% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $47700, and the Accounts Receivable (all related to June sales) balance is $50100. Operating expenses for the quarter are budgeted at $464000, which includes $17100 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $401000 for the quarter. What is the projected cash balance at the end of the third quarter?

$70700

$3500

$144800

$161900