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: Required 1 Required 2 $ 20,000 25,000 Month May June July Sales Purchases Cash Expenses Paid $ 96,000 $ 63,000 120,000 August 70,000 132,000 134,000 90,000 120,000 33,250 32,200 The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 25 percent are collected in the month of sale and 75 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. 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 < Required 1 Required 2 > Required 1 Required 2 Determine budgeted cash payments for July and August. Budgeted Cash Payments July August < Required 1