QUESTION 8 3 points Save Answer Novimex Corporation, a merchandiser, provided the following information: Month January February March April May Purchases $142,000 148,000 136,000 154,000 160,000 Sales $172,000 166,000 165,000 178,000 166,000 Customers pay 60% of their balances in the month of sale, 30% in the month following sale, and 10% in the second month following sale. The company pays all invoices in the month following purchase and takes advantage of a 3% discount on all amounts due. Cash payments for operating expenses in May will be $119,500; Parson's cash balance on May 1 was $127,800. Required: Determine the expected cash balance on May 31