Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2009:

	April	May	June
Credit sales	547,200	570,240	630,720
Credit purchases	211,680	252,720	288,710
Cash disbursements
Wages, other expenses	57,240	69,420	72,430
Interest	16,410	16,410	16,410
Equipment purchases	119,520	131,040	0

The Company predicts that 3 percent of its credit sales will never be collected, 36 percent of its sales will be collected in the month of sale, and the remaining 61 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase.

In March 2009, credit sales were $302,400, and credit purchases were $224,640. The April 1 cash balance was $403,200. What is the cash balance at the end of May?

Please show me all the workings, that is how you came up with answers. Thank you.