Lynbrook is also preparing its master budget for the quarter ended June $30,2024.$ Budgeted sales and cash payments for product costs for the quarter follow:

Budgeted sales

Budgeted cash payments for

Direct materials Direct labor Factory overhead

April May $$64,000$ $$80,000$

$16,16013,4404,0403,360$

June $$48,000$

$13,7603,44017,200$

$($continued$)$

$20,20016,800$ Sales are $20\%$ cash and $80\%$ on credit.

All credit sales are collected in the month following the sale. The March $31$ balance sheet includes balances of $$15,000$ in cash; $$45,000$ in accounts receivable; $$4,500$ in accounts payable; and a $$5,000$ balance in loans payable. A minimum cash balance of $$15,000$ is required. Loans are obtained at the end of any month when a cash shortage occurs. interest is $1\%$ per month $(12\%$ annual rate$)$ based on the beginning$-$of$-$the$-$ month loan balance and is paid at each month$-$end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions $(10\%$ of sales$),$ office salaries $($$$4,000$ per month$),$ and rent $($$$6,500$ per month$).$

$1.$ Prepare a cash receipts budget for April, May, and June.

$2.$ Prepare a cash budget for each of the months of April, May, and June. $($Round amounts to the nearest dollar.