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Mellon Company's financial managers are meeting with the company's bank to renew their line of credit and discuss their investment needs. They have prepared the company's operating cash budget for the last six months of the year The following budget assumptions were used to construct the budget: Mellon's total sales for each month were first calculated in the sales budget and are reflected on the first line of the cash budget. * Mellon's sales are made on credit with terms of 2/10, net 30, Mellon's experience is that 20% is collected from customers who take advantage of the discount, 70% is collected in the second month, and the last 10% is collected in the third month after the sale. The budget assumes that there are no bad debts. The cost of materials averages 45% of Mellon's finished product. The purchases are generally made one month in advance of the sale, and Mellon paysits suppliers in 30 days. Accordingly, if July sales are forecasted at $1,210 million, then purchases during June would be $545 ($1,210 million x 0.45), and this amount would be paid in July. * Other cash expenses include wages and salaries at 15% of sales, monthly rent of $44 million, and other expenses at 5% of sales. Estimated tax payments of $64 million and $67 million are required to be paid on July 15 and October 15, respectively. In addition, a $1,100 million payment for a new plant must be made in September . Assume that Mellon's targeted cash balance is318, and the estimated cash on hand on July 1 is $318. Use the preceding information to fill in the missing amounts in the following cash budget. Use the preceding information to fill in the missing amounts in the following cash budget Mellon Company Cash Budget For the Six Months Ended December 31, Year 1 $ millions) August September $1,111$1,133 510 August September October November December October November December Credit sales $1,045 $1,078 $1,100 $1,155 $1,188 $1,210 Credit purchases 520 545 495 Cash receipts Collections from this month's sales Collections from previous month's sales Collections from sales two months 218 226 233 237 832 116 770 778 793 809 110 Total cash receipts Cash disbursements Payments for credit purchases Wages and salaries $1,096 $1,110 $1,130 $1,155 $1,185 495 500 510 165 167 170 178 182 Other expenses 56 59 64 Payment for plant construction Total cash disbursements Net cash flow (Receipts disbursements) Beginning cash balance Ending cash balance Target (minimum) cash balance Surplus (shortfall) cash 1,100 $823 $767 $1,881 $832 $816 $329 571 $900 318 $582 $771 $253 318 $571 318 $253 $268 129 $397 318 $339 397 $736 318 $353 736 $1,089 318 $771 900 Use the information provided in the budget to complete the following sentences. Mellon Company will be able to invest in short-term marketable securities in some months and will need to borrow to cover cash requirements in others. In the last six months of the year, Mellon will to end the year with a cash of $ and a cash of $ Mellon Company will want a credit line of at least $ to cover the month with the greatest shortfall, and the financial managers can tell the bank to expect that they will be able to invest up to $ in short-term marketable securities