Gordon Co has forecast sales to be $216,000 in February, $281,000 in March, $301.000 in April, and $321,000 in May. The average cost of goods sold is 60% of sales All sales are made on credit and sales are collected 50% in the month of sale, 30% the month following and the remainder two months after the sale. What is the budgeted Accounts Receivable balance on May 312 Multiple Choice $132,400 $220,700 $193,000 $160,600