Mitchell Company had the following budgeted sales for the first half of next year: Cash Sales Credit Sales January $40,000 $140,000 February $45,000 $160,000 March $44,000 $120,000 April $49,000 $144,000 May $59,000 $190,000 June $70,000 $340,000 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 40% in month of following sales 5.0% in second month following sales Assume that the accounts receivable balance on January 1 was $77,000. Of this amount, $63,000 represented uncollected December sales and $14,000 represented uncollected November sales. Given these data, the total cash collected during January would be: $187,000 $211,000 $200,000 $140,000