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: Month May June July August Cash Expenses Sales Purchases Paid $ 91,000 $ 66,000 $ 19,000 121,000 94,000 26,500 138,000 114,000 35,000 129,000 79,000 30,800 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 60 percent paid in the month of purchase and 40 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August 2. Determine budgeted cash payments for July and August