The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit SalesJanuary$70,000$340,000February$50,000$190,000March$40,000$135,000April$35,000$120,000May$45,000$160,000June$40,000$140,000The 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:60% in month of sale30% in month following sale10% in second month following saleThe 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.The total cash collected during January by LaGrange Corporation would be:
A. $254,000
B. $410,000
C. $344,000
D. $331,500
Answer: D
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