Part A Cash budget A firm has projected credit sales of $547,200 for April and $570,240 for May. Credit purchases are $211,680 for April and $252,720 for May. Interest is $16,410 a month. Wages and other expenses are projected at $57,240 for April and $69,420 for May. The firm plans to purchase si19,520 ofequipment in April with additional purchases of S131,040 in May. 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, credit sales were S302,400, and credit purchases were S224,640. The April l cash balance was S386,200. What is the cash balance at the end of May? Part B Short-term financial planning Continue with the previous question, if the firm requires to hold a minimum cash balance of$375,000 and the short-term investment return and borrowing cost are 5% APR and 7% APR, respectively. How much short-term investment or borrowing the firm will have by the end of May