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 foltowing purchase. The company has a policy to maintain an ending monthly inventory of 24% of the next month's unit sales. The May 31 actuol inventory level of 1,320 units is consistent with this policy. Selling and administrotive expenses of $150,000 per month are paid in cash. The company's minimum cash balance ot month-end is $120,000. Loans are obtained at the end of any month when the preliminary cash balance is below $120,000. Any preliminary cash balance above $120,000 is used to repay loans at month-end. This toan has a 1.5% monthly interest rate. On May 31, the loan balance is $32,500, and the company's cash balance is $120,000. 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 purchoses for June ond July Assume May's budgeted merchandise purchases is $379,280. 4. Prepare a cash budget for June and July, inciuding any loon activity and interest expense Compute the loan bolance ot the end of each month. Complete this question by entering your answers in the tabs below. Hequired: 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 $379,280. 4. Prepare a cash budget for June and July, including ony loan activity and interest expense, Compute the loan balance at the end of each month. Complete this question by entering vour answers in the tabs below. Prepare a schedule of cash receipts from sales for each of the months of June and July. Complete this question by entering your answers in the tabs below. Prepare the merchandise purchases budget for June and July. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted purchases is $379,280. Prepare a cash budget for June and July, induding any loan activity and interest expense. Compute the loan balance at the end of each month. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollars.) June and July Required 3