X Company needs a cash budget for the month of May. The following is available: Cash balance on May 1 is $6,000 d s Sales for April and May are $60,000 and $80,000 respectively. Cash collections on sales are 30% in the month of sale and 65 % in the month after the sale; 5% of sales are uncollectible General expenses budgeted for May are $20,000 (depreciation represents $2,000 of this amount) Inventory purchases will total $24,000 in April and $36,000 in May. The company pays for half of its inventory purchases in the month of purchase and the other half the month after purchase. The company will pay $4,000 in cash for office furniture in May. Sales commissions for May are budgeted at $14,000. The company maintains a minimum ending cash balance of $3,000 and can borrow from the bank in multiples of $100. All loans are repaid after 60 days. Prepare a cash budget for the month of May. LABEL YOUR WORK Use a separate sheet of paper