Month May June July August Sales $ 99,000 119,000 138,000 126,000 Purchases Cash Expenses Paid $ 21,000 $ 63,000 87,000 115,000 77,000 28,000 34,500 34,300 The majority of Martin's sales (60 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 30 percent are collected in the month of sale and 70 percent are collected in the following month. All of Martin's purchases are on account with 40 percent paid in the month of purchase and 60 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 < Required 1 Required 2 >