Built-Tight is preparing its master budget for the quarter ended September 30, 2015. Budgeted sales and cash payments for product costs for the quarter follow: July August September Budgeted sales $ 57,500 $ 73,500 $ 54,500 Budgeted cash payments for Direct materials 15,860 13,140 13,460 Direct labor 3,740 3,060 3,140 Factory overhead 19,900 16,500 16,900Sales 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; $44,700 in accounts receivable; $4,200 in accounts payable; and a $4,700 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 ($3,700 per month), and rent ($6,200 per month). 13.value:8.00 points Required information 1. Prepare a cash receipts budget for July, August, and September.