TB MC Qu. 8-93 The LaGrange Corporation had the ... The LaGrange Corporation had the following budgeted sales for the first half of the current year. January February March April May June Cash Credit Sales Sales $ 80,000 $180,000 $ 85,000 $200,000 $ 31,000 $160,000 $ 26,000 $111,000 $ 35,000 $230,000 $110,000 $ 50,000 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: 55% in month of sale 30% in month following sale 15% in second month following sale The accounts receivable balance on January 1 of the current year was $68,000, of which $54,000 represents uncollected December sales and $14.000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 317