5. Verde is a retailer whose fiscal year ends on June 30. The following data are provided for Verde's operations: Actual: May Actual: June Projected: July Projected: August Cash Sales Credit Sales $80,000 $500,000 90,000 600,000 115,000 700,000 300,000 400,000 240,000 600,000 Projected: September Other Information: Credit sales are collected as follows: 60% during the month of sale, 40% in the next month. The gross profit ratio on merchandise inventory is 30% of the sales price. The company's policy is to have 5% of the next month's sales in units (safety stock) available each month. All purchases are on credit: 60% are paid in the same month as the purchase and the remaining 40% in the following month. a. Give the amount to be reported as the ending cash balance for the combined cash budget for July. b. Give the amount to be reported as gross margin on the budgeted income statement for July.