Case 1: (20 marks) The owner ot a building supply company has requested a cash budget for June Atter examining the records of the company, you find the tol owing: a Cash balance on 1 June is S736 Actual sales tor April and May are as follows: Cash sales Credit sales Total sales 510,000 28, goo $18,000 35,000 June $18,600 54,000 c. Credit sales are collected over a three-month period: 40 per cent in the month ot sale, 30 per cent in the second month and 20 per cent in the third month. The remaining sales are uncollectable. d Inventory purchases average 64 per cent ot a month's total sales. Of those purchases, 20 per cent are paid tor In the month ot purchase. The remaining 80 per cent are paid for in the following montm e Salaries and wages total $11,750 per month, including a $4,500 salary paid to the t. Rent is $4,100 per month. g Taxes to be paid in June are $6,780. No minimum cash balance is required. The owner of the company doesn't nave access to short-term loans.