Cash budget-Basic Grenoble Enterprises had sales of $50,300 in March and $60,400 in April. Forecast sales for May, June, and July are $69,800, $79,600, and $100,400, respectively. The firm has a cash balance of $4,900 on May 1 and wishes to maintain a minimum cash balance of $4,900. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 18% of sales for cash, 58% are collected in the next month, and the remaining 24% are collected in the second month following sale. (2) The firm receives other income of $1,800 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,500, $70,500, and $79,700 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 9% of the previous month's sales. (6) Cash dividends of $2,500 will be paid in June. (7) Payment of principal and interest of $4,200 is due in June. (8) A cash purchase of equipment costing $6,300 is scheduled in July. (9) Taxes of $5,900 are due in June. Complete the first month of the cash budget for Grenoble Enterprises below: (Round to the nearest dollar. Please input all the values in the table before checking your answers.) March April May Sales $ 50,300 $ 60,400 $ 69,800 Cash sales 9,054 10,872 $ Lag 1 month $ Lag 2 months $ Other income $ Total cash receipts