Q2. Monty Corporation, a merchandising company, has provided the following budget data: Sales $72,000 January February 66,000 Purchases $42,000 48,000 36,000 54,000 60,000 March April 60,000 78,000 66,000 May 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. Monty pays for purchases in the month following the purchase. Cash disbursements for expenses other than merchandise purchases are expected to be $14,400 for May. Monty's cash balance at May 1 was $22,000. Required: a. Compute the expected cash collections during May. b. Compute the expected cash balance at May 31