Question Three (20 Points) The following information is from Avaya's Company financial records. Collections from customers are normally 80 percent in the month of sale, 10 percent in the month following the sale, and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account Management takes full advantage of the 2 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for December are budgeted at $70,000, and sales for December are forecasted at $79,000. Cash disbursements for expenses are expected to be $14,400 for the month of December. The company's cash balance on December 1 was $22,000. Month August September October November Sales $62,000 76,000 80,000 58,000 Purchases $32,000 68,000 26,000 74,000 I Required: Compute the expected cash collections during December (Show your calculations)