Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first...

Extracted text: Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, S80,000, and S70,000, respectively, what were the firm's budgeted collections for the quarter? $140,000. $121,000. $153,000. $175,000. None of the answers is correct.