Problem
Shown below are the budgeted sales for ABC Company for the first five months of 2020. All sales are made on account: Budgeted Sales January ? February ? March ? April $88,200 May $91,000 On average, 60% of the sales are collected in the month of sale, 20% are collected in the month following sale, 15% are collected in the second month following sale, and the remaining 5% is collected three months after the month of sale. ABC Company had budgeted cash collections from customers of $77,745 in April and $83,475 in May. ABC's budgeted accounts receivable at May 31 totaled $56,630. Calculate ABC Company's budgeted sales in January.