Question 2 (Total: 50 marks) Fonsey Corporation, a merchandising company, has provided the following budget data: Purchases Sales Month $39,500 $69,000 January 47,200 65,900 February 37,500 61,200 March 54,000 79,850 April 59,500 72,600 May Collections from customers are normally 64% in the month of sale, 21% in the month following the sale, and 12% in the second month following the sale. It is expected that the balance be uncollectible. Fonsey pays for purchases in the month following the purchase. Cash disbursements for expenses other than merchandise purchases are expected to be $13,400 for May. Fonsey's cash balance on May 1 was $23,500. Required: 1. Compute the expected cash collections during May. 2. Compute the expected cash balance on May 31