]I[. The Master Budget (HP 9) Penny and Leonard (P&L) Corp. is a cheesecake wholesaler, and provided the following information for 2022: Inventory purchases of Sales of Month Cheesecake Cheesecake January 3 142.000 $ 172,000 February 35 148,000 $ 166,000 March 35 136,000 $ 165,000 April $ 154.000 $ 178,000 May $ 160.000 $ 166,000 The following additional information is available: 0 P&L expects to collect 55% ofbillings in the month ofie sale, 35% in the month aer the sale and the remaining 10%) two months aer. o The company pays all invoices in the month following the purchase, in order to take advantage of the 2% discount on all amounts due. 0 Cash payments for operating expenses in May will be $135,000; the cash balance on May 151 was $127,800. Required: Determine (a) expected cash collections during May; and (b) expected cash disbursements during May. Answer here: April Cash Collections Cash Disbursements 5 points 5 points