The LaGrange Corporation had the following budgeted sales for the first half of the current year Cash sales. Credit sales January $70,000. $340,000 February 50,000. 190,000 March. 40,000. 135,000 April. 35,000. 120,000 May. 45,000. 160,000 June. 40,000. 140,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To th end, the following information has been assembled: Collections on sales 60% in month of sale 30% in month following sale 10% in second month following sale I'm The accounts receivable balance on January 1 of the current year was $70,000, of which $50,000 represents uncollected December sales and $20,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31st