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% in second month following sales

What is the budgeted accounts receivable balance on December 1?