The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January February March April May June $60,000 $160,000 $65,000 $180,000 $33,000 $140,000 $28,000 $113,000 $38,000 $210,000 $90,000 $70,000 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 30% in month following sale 25% in second month following sale The accounts receivable balance on January 1 of the current year was $67,000, of which $55,000 represents uncollected December sales and $12,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: