Helen Bowers, owner of Helen's Fashion Designs, is planning to request a line of credit from her bank. She has estimated the following sales forecasts for the firm for parts of 2021 and 2022: May 2021 $140,000 June 140,000 July 280,000 August 420,000 September 560,000 October 280,000 November 280,000 December 70,000 January 2022 140,000 Estimates regarding payments obtained from the credit department are as follows: collected within the month of sale, 10%; collected the month following the sale, 75%; collected the second month following the sale, 15%. Payments for labor and raw materials are made the month after these services were provided. Here are the estimated costs of labor plus raw materials: May 2021 $70,000 June 70,000 July 84,000 August 644,000 September 238,000 October 182,000 November 126,000 December 70,000 General and administrative salaries are approximately $30,000 a month. Lease payments under long-term leases are $10,000 a month. Depreciation charges are $40,000 a month. Miscellaneous expenses are $3,000 a month. Income tax payments of $57,000 are due in September and December. A progress payment of $175,000 on a new design studio must be paid in October. Cash on hand on July 1 will be $134,000, and a minimum cash balance of $90,000 should be maintained throughout the cash budget period. b. Prepare monthly estimates of the required financing or excess funds-that is, the amount of money Bowers will need to borrow or will have available to invest. Required financing, if any, should be indicated by a minus sign. Required financing or excess funds July August September October November December $ $ $ $ $ $