January February March April Cash Credit Sales Sales $70,000 $340,000 $50,000 $190,000 $ 40,000 $135,000 $35,000 $120,000 $45,000 $160,000 $40,000 $140,000 May June 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: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $70,000, of which $50,000 represents uncollected December sales and $20,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: Multiple Choice $254,000 $410,000 $344,000 $331,500