The Gingham Company's budgeted income statement reflects the following amounts:

	Sales	Purchases	Expenses
January	$ 122,000	$ 80,000	$ 24,200
February	112,000	68,000	24,400
March	127,000	83,250	27,200
April	132,000	86,500	28,800

Sales are collected 50% in the month of sale, 20% in the month following sale, and 29% in the second month following sale. 1 percent of sales is uncollectible and expensed at the end of the year. Gingham pays for all purchases in the month following purchase and takes advantage of a 1% discount. The following balances are as of January 1:

Cash	$ 90,000
Accounts receivable *	60,000
Accounts payable	74,000

*Of this balance, $24,000 will be collected in January and the remaining amount will be collected in February. The monthly expense figures include $5,200 of depreciation. The expenses are paid in the month incurred.

Gingham's expected cash balance at the end of January is:

$77,540.

$101,740.

$88,600.

$82,740.

$93,800.

Gingham's budgeted cash receipts in February are:

$84,400.

$116,040.

$116,400.

$80,400.

$115,490.