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28. The Grainger Company's Budgeted Profit and Loss Statement reflects the following amounts Purchases Expenses 120 000 $ 78 000 $ 24 000 66 000 24 200 125 000 $ 81 250 $ 27 000 130 000 $ 84 500 $ 28 600 Sales January February 110 000 $ $ $ $ March April Sales are colle cted 50 per cent in the month of sale, 30 per cent in the month following sale, 19 per cent in the second mon th following sale and 1 per cent is un collectible. The uncollectible accounts are expensed at the end of the year. Grainger pays for purchases by the fifth of the month following purchase, to take advantage of the 3 per cent discount allowed. On January 1, Grainger had a cash balance of $88 000 and an accounts receiva ble balance of $58 000; $35 000 on account will be collected in January with the remaining balan ce to be collected in February. Grainger had an accounts payable balance of $72 000 on January 1. Invoices are record ed at their gross amount. The monthly expense figures include $5000 in monthly depreciation. The expenses are paid for in the month incurred. What is Grainger's expected cash balance at the end of January? A. $92 000 B. $94 160 C. $87 000 D. $89 160