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 ofthe current year: Cash Expenses Month Sales Purchases Paid May $ 92,969 $ 65,666 $ 28,096 June 121 , 999 99, 99-9 24, 999 July 134,999 114,999 35,599 August 139, 999 1'6, 999 39, 199 The majority of Martin's sales [65 percent) are cash, but a few ofthe excursion companies purchase on credit. Of the credit sales, 25 percent are collected in the month of sale and 7'5 percent are collected in the following month. All of Martin's purchases are on account with 50 percent paid in the month of purchase and 50 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August. 9. Determine budgeted cash payments for .July and August. Required: 1. Determine budgeted cash collections for July and August 5'. Determine budgeted cash payments for July and August. Complete this question by entering your answers in the labs below. Required 2 ' Required 1 Determine budgeted cash collections for July and August. (Round your intermediate calculations and nal answers to nearest whole dollar.) Complete this question by entering your answers in the tabs heluw. Required 1 Required 2 Determine budgeted cash payments for July and August