The LaGrange Corporation had the following budgeted sales for the first half of the current year: 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: 40% in month of sale 40% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $81,000, of which $60,000 represents uncollected December sales and $21,000 represents uncollected November sal What is the budgeted accounts receivable balance on May 31 ? Multiple Choice $111,200 $108,000 $132.200 $243,400