The next twa questions are based on the follow ing Budgeted sales and cash collections for the Lehman Corporation for Quarter 1 are listed below Cash Sakes Credit Sales Total Sales January125,000 February $100,000 $260,000 360,000 $280,000 March $85,000 S195.000 Collections on credit sales are as follows: Month of sale Month atter sale 2nd month after sale 60% 30% 10% The accounts receivable balance on January I is $175,000, of which $7 represents uncollected Novemher sales 5,000 represents uncollected December sales and $100,000 47 If the total cash collected in March was $322.500, then total January sales must have been $550,000 $425,000 C S1.400,000 $42.500 E. None of the above 5,000 4tofo 10lo D. + 8 Il January credit sales were $200,000, (ignore any answer derived for previous question), the accounts receivable balance as of the end of January would be: $18,750 $80,000 $98,750 $198,750 A. B. 30lo lo 10l Ol6 E None of the above 60 lo pil 122, 500 000020,000 febuoi 00, 000 5a18000 26 000 156 c