Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to 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 Sales Purchases Paid May $ 96,000 $ 69,000 $ 24.ee June 119,000 88,000 24,500 July 137,000 111,000 32,750 August 126,eee 72, eee 3e, 180 The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Or the credit sales, 30 percent are collected in the month of sale and 70 percent are collected in the following month. All of Martin's purchases are on account with 45 percent paid in the month of purchase and 55 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 entering your answers 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 $ Month May June July August Cash Expenses Sales Purchases Paid 96,000 $ 69,000 $ 24,880 119,800 88,000 24,500 137,000 111, 32,750 126, eee 72,000 30,100 The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Or the credit sales, percent are collected in the month of sale and 70 percent are collected in the following month. All of Martin's purchases are on account with 45 percent paid in the month of purchase and 55 percent paid the following month Required: 1. Determine budgeted cash collections for July and August 2. Determine budgeted cash payments for Duly and August. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted cash payments for July and August. July August Budgeted Cash Payments