QUESTION 1 Budgeti Part 1 The Montero Corporation, a merchandising firm, has provided the following budget data: Purchases r 500055372.00 Sales January 48,000 March April May 66,000 60,000 78,000 66,000 54,000 60,000 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 ex to be uncollectable. Montero pays for purchases in the month following the purchase. Cach disbursements for expenses other than merchandise purchases are ex for May. Montero's cash balance on May 1 was 22,000. pected expected to be $14,000 Required a.) Compute the expected cash collections during May (10 Marks) March April May TOTAL Balance May 1 Expected collections Expected disbursements Cash disbursements for expenses Total disbursements April purchases paid in May balance Expected ending