Ellis Electronics Company's actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September April (actual) May (actual) June (forecast) July (forecast) August (forecast) September (forecast) Sales Purchases $490,000 $147,000 137,000 137,000 197,000 460,000 217,000 187,000 470,000 445,000 445,000 500,000 The company makes 20 percent of its sales for cash and 80 percent on credit. Of the credit sales, 20 percent are collected in the month after the sale and 80 percent are collected two months after. Ellis pays for 20 percent of its purchases in the month after purchase and 80 percent two months after. Labour expense equals 30 percent of the current month's sales. Overhead expense equals $13,700 per month. Interest payments of $38,500 are due in June and September. A cash dividend of $58,500 is scheduled to be paid in June. Tax payments of $26,700 are due in June and September. There is a scheduled capital outlay of $470,000 in September Ellis Electronics' ending cash balance in May is $28,500. The minimum desired cash balance is $23,500