ORAS Required information [The following information applies to the questions displayed below Built-Tight is preparing its master budget. Budgeted sales and cash payments follow Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July $58,000 August 174,000 September $ 34,000 15,960 3,840 20,000 13,240 13,500 3,240 17,000 3,160 16,600 Sales to customers are 25% cash and 75% on credit Sales in June were $55,500 All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $39,000 in cash and $4,800 in loans payable A minimum cash balance of $39,000 is required Loans are obtained at the end of any month when the preliminary cash balance is below $39,000 Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $39,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3.800 per month), and rent ($6,300 per month) 2. Prepare a cash budget for the months of July, August, and September (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars) BUILT TIGHT Cash Budget July August Septembe Beginning cash balance $ 15 000 S 15.000 s 25.240 Aat Cash receipts 50.300 62.000 6/9.000 Total cash available 74.300 77 000 54.240 Less Cash payments for Direct materials 15.960 13.240 13.560 Direct laber 3040 3.160 3.240 Overhead Sales commisions Office salaries 20 000 16 600 17.000 5.000 7.400 5400 3,000 3.000 3.000