Dante Manufacturing has a cash balance of P8,000 on August 1 of the current year. The company's controller forecast the following cash receipts and cash disbursements for the upcoming two months of activity. Purchases Sales January P 142,000 P 172,000 February 148,000 166,000 March 136,000 165,000 April 154,000 178,000 May 160,000 166,000 Customers pay 60% of their balances in the month of sale, 30% in the month following sale, and 10% in the second month following sale. The company pays all invoices in the month following purchase and takes advantage of a 3% discount on all amounts due. Cash payments for operating expenses in May will be P119,500; Crispin's cash balance on May 1 was P127,800.

Required:

Determine the following:

1. Expected cash collections during May.

2. Expected cash disbursements during May.

3. Expected cash balance on May 31.