The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January $ 50,000 $ 150,000 February $ 55,000 $ 170,000 March $ 51,000 $ 130,000 April $ 46,000 $ 131,000 May $ 56,000 $ 200,000 June $ 80,000 $ 250,000 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: 50% in month of sale 30% 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 $50,000 represents uncollected December sales and $31,000 represents uncollected November sales. The total cash collected during January by LaGrange Corporation would be: Garrison 16e Rechecks 2017-10-03, 2017-10-06 Multiple Choice $261,000 $100,000 $237,000 $186,000