The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Credit Sales Sales $50,000 $150,000 January February March April May June $29,000 $130,000 $24,000 $109,000 $34,000 $200,000 $80,000 $30,000 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: 45% in month of sale 35% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $71,000, of which $55,000 represents uncollected December sales and $16,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: Multiple Choice $241,000 $195,000 $100,000 $168,500