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 Paid Month May June July Sales $ 98,000 August Purchases $ 66,000 90,000 114,000 76,000 $ 19,000 27,500 34,250 32,200 118,000 137,000 135,000 The majority of Martin's sales (60 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 35 percent are collected in the month of sale and 65 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 entering your answers in the tabs below. Required 1 Required 2 Determine budgeted cash collections for July and August. Note: Round your intermediate calculations and final answers to nearest whole dollar. Budgeted Cash Collections July August Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted cash payments for July and August. Budgeted Cash Payments July August < Required 1 Required 2 >