Loblaw Manufacturing has asked you to create a cash budget in order to determine its borrowing needs for the June to October period. You have gathered the following information.

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Loblaw Manufacturing has asked you to create a cash budget in order to determine its borrowing needs for the June to October period. You have gathered the following information. April and May sales were $327,031 and $383,906, respectively. The firm collects 20% of its sales during the month, 65% the following month, and 15% two months after the sale. Each month it purchases inventory equal to 55% of the next month's expected sales. The company pays for 40% of its inventory purchases in the same month and 60% in the following month. However, the firm's suppliers give it a 2% discount if it pays during the same month as the purchase. A minimum cash balance of $25,000 must be maintained each month, and the firm pays 4% annually for short-term borrowing from its bank. a) Create a cash budget for June to October 2022. The cash budget should account for short-term borrowing and payback of outstanding loans as well as the interest expense. The firm ended May with a $30,000 unadjusted cash balance (Analysis 8pts ). \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & & \begin{tabular}{l} Manufac \\ ash Budge \\ 2 to Octob \end{tabular} & & & & & & \\ \hline & April & May & June & July & August & September & October & November \\ \hline Sales & 327,031 & 383,906 & & & & & & \\ \hline Collections: & & & & & & & & \\ \hline Cash & & & & & & & & \\ \hline First Month & & & & & & & & \\ \hline Second Month & & & & & & & & \\ \hline Total Collections & & & & & & & & \\ \hline \end{tabular}