Mi Casa Resorts is a hotel that services a large number of corporate clients who are allowed predetermined credit lines. The company wishes to prepare a cash budget for the last quarter of 2020. Sales are expected to be as follows:

Aug Sept. Oct. Nov Dec

Cash sales $45,000 48,000 35,000 64,000 90,000

Credit sales 50,000 40,000 30,000 40,000 120,000

Operating exp.45,000 45,000 32,000 49,500 54,000

Sales: The company's experience shows that, on the average, 60 percent of credit sales are collected in the month of sale, 30 percent in the following month and the balance two months following sale.

Expenses: The monthly operating expenses include charges for depreciation amounting to $1,000 All other expenses are paid as incurred.

Other: In the month of November 2020, a new ice dispensing machine is to be purchased for $5,000 for cash.

What was the total cash collections for the last quarter of 2020.

A

$189,000

B

$299,000

C

$334,000

D

$348,000