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Oakton Furniture provided the following information relevant to its sales for December Year 1 and...

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Accounting

Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year 2: Dec. Year 1 Jan. Year 2 Feb. Year 2 Mar. Year 2 (Actual) (Budgeted) (Budgeted) (Budgeted) Credit sales $ 67,000 $ 147,000 $ 162,000 $ 117,000 Cash sales $ 17,000 $ 32,000 $ 37,000 $ 19,000 Based on the company's collection history, 42% of credit sales are collected in month of sale, and the remainder is collected in the following month. Cash collections in January from December credit sales would be: Multiple Choice $41,540. $52,640. $56,000. $38,860.

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