Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. July August September Budgeted sales $ 56,500 $ 72,500 $ 55,500 Budgeted cash payments for Direct materials 15,660 12,940 13,260 Direct labor 3,540 2,860 2,940 Factory overhead 19,700 16,300 16,700 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,500 in accounts receivable; and a $4,500 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,500 per month), and rent ($6,000 per month).

Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow.

	July			August			September
Budgeted sales	$	56,500		$	72,500		$	55,500
Budgeted cash payments for
Direct materials		15,660			12,940			13,260
Direct labor		3,540			2,860			2,940
Factory overhead		19,700			16,300			16,700