Question: Madden Company provided the following sales information for the month of May: April May Actual Budget Cash sales $ 17,550.00 $ 18,000.00 Credit sales 99,000.00 126,000.00 Total sales $116,550.00 $144,000.00 For credit sales, the collection pattern is as follows: 70% Month of sales Month following sales 25% Based on past experience, the company estimates the remaining credit sales are uncollectible. Inventory purchases average 70% of the same month's total sales. Payments for inventory are made as follows: Month of purchase 40% Month following purchase 60% Other expenses are as follows: Month of sales 70% Month following sales 25% Based on past experience, the company estimates the remaining credit sales are uncollectible. Inventory purchases average 70% of the same month's total sales. Payments for inventory are made as follows: Month of purchase 40% Month following purchase 60% Other expenses are as follows: Salaries and wages per month $ Rent per month $ Utilities per month $ Insurance per quarter to be paid in May $ Depreciation expenses per month $ May 1 cash balance is $9,216.00. 10,440.00 3,600.00 5,200.00 900.00 1,500.00 Prepare a cash budget for the month of May and use it to answer the following questions. Cash sales and collections on account for the month are $ A/ Payments for inventory for the month are $ A/ Payments for all other expenses for the month are $ The ending cash balance at the end of the month is $