Oriole Industries is preparing its cash budget for the third quarter of the current year. Sales for the third quarter are budgeted at $705000 ($235000 per month). Sales are 70% cash, with the remaining 30% on credit which is collected in the month following the month of sale. On June 30, the cash balance is $38400, and the Accounts Receivable (all related to June sales) balance is $40800. Operating expenses for the quarter are budgeted at $371000, which includes $14100 of depreciation. Cash expenses are paid in the month incurred. Cash purchases for merchandise inventory are budgeted at $314800 for the quarter. To prepare for the busy fourth quarter, Orioles desired cash balance on September 30 is $120500. How much financing will the company need at the end of the third quarter?

$133400

$22100

$78500

$8000