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 $60,000 $160,000 $65,000 $180,000 $50,000 $140,000 $45,000 $130,000 $55,000 $210,000 $90,000 $240,000 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 $85,000, of which $55,000 represents uncollected December sales and $30,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31? Multiple Choice O $111,500