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 as Expenses Paid Month Sales Purchases May June $92,000 $66,000 $20,000 25,000 36,500 30,100 124,000 136,000 131,000 88,000 113,000 80,000 Ul August The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 45 percent are collected in the month of sale and 55 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. (Round your intermediate calculations and final answers to nearest whole dollar.) August LI Budgeted Cash Collections 2. Determine budgeted cash payments for July and August. August Budgeted Cash Payments