Information pertaining to Collection Corporation's sales revenue is presented below: Management estimates that 5% of credit sales are eventually uncollectible. Of the collectible credit sales, 60% are likely to be collected in the month of sale and the remainder in the month following the month of sale. The company desires to begin cach month with an inventory equal to 70% of the sales projected for the month. Al purchases of inventory are on open account; 20% will be paid in the month of purchase, and the remainder paid in the month following the month of purchase. Purchase costs are approximately 50% of the selfing prices. Budgeted December cash payments by Collection Corporation for December inventory purchases are: Multiple Choice $281,080. $169,160 $60,700 Information pertaining to Collection Corporation's sales revenue is presented below: Management estimates that 5% of credit sales are eventually uncollectible. Of the collectible credit sales, 60% are likely to be collected in the month of sale and the remainder in the month following the month of sale. The company desires to begin cach month with an inventory equal to 70% of the sales projected for the month. Al purchases of inventory are on open account; 20% will be paid in the month of purchase, and the remainder paid in the month following the month of purchase. Purchase costs are approximately 50% of the selfing prices. Budgeted December cash payments by Collection Corporation for December inventory purchases are: Multiple Choice $281,080. $169,160 $60,700