Individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year. Cash Expenses Month May June July Sales $ 98,000 $ Purchases Paid 68,000 $ 18,000 117,000 131,000 91,000 25,500 112,000 35,000 August 128,000 74,000 31,500 The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 40 percent are collected in the month of sale and 60 percent are collected in the following month. All of Martin's purchases are on account with 55 percent paid in the month of purchase and 45 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August. Complete this question by Assessment Tool Frame fers in the tabs below. Required 1 Required 2 Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar.) July August Budgeted Cash Collections