Question 5 The LaGrange Corporation had the following budgeted sales for the first half of the current year January February March April May June Cash SalesCredit Sales $70,000 $340.000 S50,000 190.000 S40,000 35000 S35,000 120,000 45,000 $160.000 40.000 S140.000 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 What is the budgeted accounts receivable balance on May 31? O $76.000 O $64,000 $132,000 $56,000