The Tafoya Company Has Budgeted the Following Sales for the 1^st

Multiple Choice

The Tafoya Company has budgeted the following sales for the 1^st quarter of 2012: $$\begin{array} { l l } \text { January } & \$ 80,000 \\\text { February } & \$ 70,000 \\\text { March } & \$ 90,000\end{array}$$ All sales are made on account.The company expects to collect 40% of sales on account in the month of the sale, 50% in the month following the sale, and the final 10% two months following the sale.Bad debts are immaterial to the budget.The balance in accounts receivable at the end of March will be:

A) $61,000
B) $54,000
C) $71,000
D) $64,000