The LaGrange Corporation had the following budgeted sales for the first half of the current year: January February March Cash Credit Sales Sales $30,000 $130,000 $35,000 $150,000 $36,000 $110,000 $31,000 $116,000 $41,000 $180,000 $60,000 $100,000 April May June 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: 50% in month of sale 40% in month following sale 10% in second month following sale The accounts receivable balance on January 1 of the current year was $72,000, of which $56,000 represents uncollected December sales and $16.000 represents uncollected November sales The total cash collected during January by LaGrange Corporation would be