Aztec Company sells its product for $150 per unit. Its actual and budgeted sales follow. May (Actual] June (Tradget] July (Budget) Regant (Budget) Sales units 2,400 6,000 5,000 4,300 Sale della $ 390,000 $ 900,00D $750,000 $ 645,000 Al sales are on credit. Collections are as follows 28% is collected in the month of the sale, and the remaining 72% 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 18% of the next month's unit sales. The May 31 actual inventory level of 1,080 units is consistent with this policy. Selling and administrative expenses of $150,000 per month are paid in cash. The company's minimum cash balance at month-end is $130.000. Loans are obtained at the end of any month when the preliminary cash balance is below $130,000. Any preliminary cash balance above $130,000 is used to repay loans at month-end. This Ioan has a 10% monthly interest rate. On May 31, the loan balance is $31,500, and the company's cash balance is $130,000 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 $353,320. 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 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. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your answers to the nearest whole dollars.) AZTEC COMPANY Cash Budget June and July June July Beginning cash balance Total cash available Less: Cash payments for: Total cash payments Preliminary cash balance Ending cash balance Loan balance June July Loan balance Beginning of month Additional loan doan repayment) Loan balance - End of month