3) (5 points) In preparation for the quarterly cash budget, the following revenue and cost information have been compiled. Prepare and evaluate a cash budget for the month of August based on the information shown below. Month Sales Purchases June (actual) $4,500,000 $3,500,000 July (actual) $5,000,000 $4,000,000 August (forecast) $2,000,000 $1,000,000 The firm collects 60 percent of sales for cash and 40 percent of its sales one month later. The firm pays cash for 40 percent of its purchases. The firm pays for 60 percent of its purchases the following month. Salaries and wages amount to 15 percent of the preceding month's sales. Lease payments of $750,000 must be made each month. Depreciation expense each money of $50,000. The firm has a beginning cash Patance in August of $150,000 and maintains a minimum cash balance of $100,000