Cash Budget Cosh 8 The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $736 b. Actual sales for April and May are as follows April May Cash sales 10,000 $18,000 35,000 $53,000 Credit sales Cradit 28,900 ,900 Total sales c edit sales are collected over a three month penod: 40% i the month of sale, 30% n the second month and 20% n the third m onth. The sales collected to what they owe. The remaining sales are uncollectible d Inventory purchases average 64% of a month's total sales. Of those purchases 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, includinga $4,500 salary paid to the owner the thr month a esubject to a % late fee, hich is pac by those customers addition r. Rent is s f. Rent is $4,100 per month g. Taxes to be paid in June are $6,780 are $6,780 The owner also tells you that he expects cash sales of $18,600 and credit sales of $54,000 for June. No minimum cash balance is required. The owner of the company docsn't have access to short-term loans 18,600 Required: any doesn't equired