I tried to balance the cash budget in the excel sheet but my ending balances came out wrong. The correct answer for the ending balance in July should be $95,855, August should be $140,200. What did I do wrong?

The management ofNabaI' Manufacturing prepared the folloWing balance sheet for June 30. NABAR MANUFACTURING Balance Sheet June 30 Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment $?20.000 Less: Accumulated depreciation 240,000 Total assets Liabilities and Equity Liabilities Accounts payable $ 51,400 Income taxes payable 10.000 Loan payable 24.000 Long-term note payable 300.000 Equity Common stock 600,000 Retained earnings 59,600 $ 40.000 248.920 35.000 241.080 43mm $ ! 945.000 '3 335.400 659.600 w Total liabilities and equity To prepare a master budget for July, August, and September, use the following information. a. Sales were 20.000 units in June. Budgeted sales in units follow: July. 21.000; August. 19.000: September. 20,000; and October. 24.000. The product's selling price is $17 per unit and its total product cost is $14.35 per unit. b. Company policy calls for a given month's ending finished goods inventory to equal 70% of the next month's budgeted unit sales. The June 30 finished goods inventory is 16.800 units. c. Raw materials inventory consists solely of direct materials that cost $8 per pound. Company policy calls for a given month's ending materials inventory to equal 20% of the next month's direct materials requirements. The June 30 raw materials inventory is 4,375 pounds. The budgeted September 30 ending raw materials inventory is 1,980 pounds. Each finished unit requires 0.50 pound of direct materials. d. Each finished unit requires 0.50 hour of direct labor at a rate of $16 per hour. e. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20.000 per month is the only fixed factory overhead item. f. Monthly general and administrative expenses include $9,000 administrative salaries and 0.9% monthly interest on the long-term note payable. g. Sales commissions of 10% of sales are paid in the month of the sales. The sales manager's monthly salary is $3.500. h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale). i. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materials purchases are fully paid in the next month (none are paid in the month of purchase). j. Dividends of $20,000 are budgeted to be declared and paid in August.k. Income Taxes Payable at June 30 are budgeted to be paid in July. Income tax expense will be assessed at 35% in the quarter and budgeted to be paid in October. 1. Equipment purchases of $100,000 are budgeted for the last day of September. m. The minimum ending cash balance for all months is $40,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans.10 Cash Budget July August September Begining Cash Balance $40,000 $96,835 $141,180 Cash Receipts from Customers 357,000 346,800 328,100 Total Cash Available $397,000 5443,635 $469,280 Cash Disbursements Payments for DM 51,400 50,760 81,280 Payments for DL 140,000 157,600 182,400 Payments for VO 23,625 26,595 30,780 Sales Commissions 35,700 32,300 34,000 Sales Salaries 3,500 3,500 3,500 General & Adminisrataive Expenses 9,000 9,000 9,000 Income Taxes 10,000 Dividends 20,000 Loan Interest ($24,000*1%) 240 Long-term Note Interest ($300k*9%) 2,700 2,700 2,700 Purchase of Equipment 100,000 Total Cash Disbursements 276,165 302,455 443,660 Premliminary Cash Balance 120,835 141,180 25,620 Extra Loan 14,380 Repayment of Loan -24,000 Ending Cash Balance 96,835 141,180 40,000