Montero Corporation, a merchandising company, has provided the following budget data: January February March April May Purchases $42,000 48,000 36,000 54,000 60,000 Sales $72,000 66,000 60,000 78,000 66,000 Collections from customers are normally 70% in the month ofsale, 20% in the month following the sale, and 9% in the second month following the sale. The balance is expected to be uncollectible. Montero pays for purchases in the month following the purchase. Cash disbursements for expenses other than merchandise purchases are expected to be $14,400 for May. Montero's cash balance at May 1 was $22,000. Reguired (show all calculations); a. Compute the expected cash collections during May. b. Compute the expected cash balance at May 31. [Hint: use the table format below for part a & b - Enable the HTML Editor to write your answerl Month Sales $x X 96 = Expected Collections $xx $xx