Wholesale Inc. provided the following information related to merchandise purchases and sales for the first five months of the year: Month Merchandise Purchases Sales January $144,000 $173,000 February $142,000 $165,000 March $133,000 $169,000 April $160,000 $180,000 May $159,000 $168,000 Customer payment trends are as follows: 60% in the month of sale, 30% in the month following the sale and 10% in the second month following the sale. The company pays all of its invoices in the month following purchase to take advantage of a 3% discount their supplier offers. Operating expenses to be paid with cash in May will be $110,300. The cash balance as of May 1 was $126,900. Required: Determine the following: 1. Expected cash collections in May (2 pts) 2. Expected cash disbursements in May (2 pts) 3. Expected cash balance on May 31(1 pt)