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Use the following to answer multiple choice questions 2. The LaGrange Company had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $70,000 $340,000 February $50,000 $190,000 March $40,000 $135,000 April $35,000 $120,000 May $45,000 $ 160,000 June $40,000 $140,000 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 sales: 60% in month of sale 30% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $70,000, of which $50,000 represents uncollected December sales and $20,000 represents uncollected November sales 2. What is the budgeted accounts receivable balance on June 1 of the current year? A) $ 56,000 B) $ 64,000 C) $ 76,000 D) $132,000