MC Qu. 55 Mitchell Company had the following budgeted sales... Mitchell Company had the following budgeted sales for the last half of last year: Cash Sales Credit Sales July $20,000 $120,000 August $25,000 $140,000 September $42,000 $100,000 October $47,000 $142,000 November $57,000 $170,000 December $50,000 $320,000 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 credit sales: 55% in month of sales 35% in month of following sales 10.0% in second month following sales Assume that the accounts receivable balance on July 1 was $66,000. Of this amount, $54,000 represented uncollected June sales and $12,000 represented uncollected May sales. Given these data, the total cash collected during July would be