Aztec Company sells its product for $150 per unit. its actual and budgeted sales follow All sales are on credit. Collections are as follows: 22% is collected in the month of the sale, and the remaining 78% is collected in the month following the sale. Merchandise purchases cost $110 per unit. For those purchases, 60% is paid in the month of purchase and the other 40% is paid in the month following purchase. The company has a policy to maintain an ending monthly inventory of 25% of the next month's unit sales. The May 31 actual inventory level of 1,125 units is consistent with this policy. Selling and administrative expenses of $121,000 per month are paid in cash. The company's minimum cash balance at month-end is $110,000 Loans are bbtained at the end of any month when the preliminary cash balance is below $110,000. Any preliminary cash balance above $110,000 5 used to repay loans at month-end. This loan has a 10% monthly interest rate On May 31 , the loan balance is $40,500, and the company's cash balance is $110,000 Required: 1. Prepare a schedule of cash receipts from sales for each of the months of June and July 2. Prepare the merchandise purchases budget for June and July. 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $338,250 4. Prepare a cash budget for June and July, Including any loan activity and interest expense. Compute the loan balance at the end of each month. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollars. Show less A Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $338,250. Prepare the merchandise purchases budget for June and July. Complete this question by entering your answers in the tabs below. Prepare a schedule of cash receipts from sales for each of the months of June and July