Jelly-Ish Corporation, a merchandising company, has provided the following budget data: out of January February March April May Purchases $42,000 48.000 36,000 54,000 60,000 Sales $72,000 66,000 70,000 78,000 66,000 Collections from customers are normally 70% in the month of sale, 20 in the month following the sale, and 9% in the second month following the sale. The balance is expected to be uncollectible. Jelly-Ish pays for purchases in the month following the purchase. Cash disbursements for expenses other than merchandise purchases are expected to be $16,400 for May. Jelly-Ish's cash balance at May I was $27,000 Required a. Compute the expected cash collections during May. b. Compute the expected cash balance at May 31