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Check my work Janus Products, Inc. is a merchandising company that sells binders, paper, and other school supplies. The company is 10 planning its cash needs for the third quarter. In the past, points Janus Products has had to borrow money during the third quarter to support peak sales of back-to-school materials, Book which occur during August. The following information has been assembled to assist in preparing a cash budget for Print the quarter: References . Budgeted monthly absorption costing income statements for July to October are as follows: July August September October Sales $46, 000 $76, 000 $56 , 000 $51 , 000 Cost of goods sold 26, 400 44, 400 32, 400 29 , 400 Gross margin 19,600 31 , 600 23 , 600 21 , 600 Selling and administrative expenses: Selling expense 9,000 12, 900 9 , 100 7, 900 Administrative expense* 5,950 7, 800 6,700 6,500 Total selling and administrative expenses 14,950 20, 700 15 , 800 14, 400 Net operating income $ 4, 650 $10, 900 $ 7,800 $ 7,200 *Includes $2,300 depreciation each month. ). Sales are 20% for cash and 80% on credit. :. Credit sales are collected over a three-month period, with 10% collected in the month of sale, 70% in the month following sale, and 20% in the second month following sale. May sales totalled $36,000, and June sales totalled $42,000. 1. Inventory purchases are paid for within 15 days. Therefore, 50% of a month's inventory purchases are paid for in the month of purchase. The remaining 50% are paid in the following month. Accounts payable for inventory purchases at June 30 total $14,700. :. The company maintains its ending inventory levels at 75% of the cost of the merchandise to be sold in the following month. The merchandise inventory at June 30 is $21,000. f. Land costing $4,800 will be purchased in July. J. Dividends of $1,300 will be declared and paid in September. 1. The cash balance on June 30 is $8,600; the company must maintain a cash balance of at least this amount at the end of each month. i. The company has an agreement with a local bank that allows it to borrow in increments of $1,000 at the