. Prepare a cash budget for July, August, and September utilizing the following information. All sales are credit sales. The market price of the product is $30 per unit. May sales were 80 units ($2,400) and June sales were 100 units ($3,000). Expected sales and units to be produced for July, August, and September are each projected to be 120, 140, and 160 units. The firm collects 1/3 of its accounts receivable in the month after the sale and the remaining 2/3 two months after the sale. Cost of goods sold equals $15 per unit produced, and selling expenses equal $5 per unit produced. Both expenses are paid in the month incurred. A tax obligation of $900 is payable in September. The cash balance is $500 on July 1 and the intended cash balance at the end of each month is also $500. The firm currently owns no marketable securities. Complete the following cash budget (no decimals). (17 points) (1) Estimation of cash receipts MAY JUN AUG SEP Reference: sales revenue $2.400 $3.000 $3.600 $4,200 $4.800 Collections after 1 month Collections after 2 months Total cash receipts (2) Scheduling of disbursements: JUL AUG SEP 120 140 Reference: units to be produced 160 Costs of goods sold JUL Selling expenses Taxes paid Total disbursements AUG SEP (3) Net cash flows Receipts Disbursements Net cash flows IUL AUG SEP (4) Cash budget Beginning cash balance Net cash flow Cash balance Intended ending balance Securities bought (sold)