Cash budget-Basic Grenoble Enterprises had sales of $49, 900 in March and $60, 100 in April. Forecast sales for May, June, and July are $69, 600, $80, 300, and $100, 000, respectively. The firm has a cash balance of $4, 500 on May 1 and wishes to maintain a minimum cash balance of $4, 500. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 21% of sales for cash, 63% are collected in the next month, and the remaining 16% are collected in the second month following sale. (2) The firm receives other income of $2, 500 per month. (3) The firm's actual or expected purchases, all made for cash, are $50, 200, $69, 900, and $79, 700 for the months of May through July, respectively. (4) Rent is $3, 400 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3, 400 will be paid in June. (7) Payment of principal and interest of $4, 300 is due in June