Mississippi Corp has the following budgeted sales for the first 4 months of next year:

Cash Credit Total Sales

January $90,000 $350,000 $440,000

February $60,000 $200,000 $260,000

March $50,000 $145,000 $195,000

April $45,000 $130,000 $175,000

The company is in the process of preparing a cash budget and must determine the expected cash collections. Accordingly, the following information has been assembled:

Collections on credit sales:

Month of sale 60%

Month after sale 30%

2^nd month after sale 10%

The accounts receivable balance on January 1 is $70,000

Of this amount, $60,000 represents uncollected December sales and $10,000 represents uncollected November sales.

The total cash collected in January would be:

The answer is $355,000