Prepare a cash budget for the XYZ Manufacturing Company, indicating receipts and disbursements for May, June, and July. The firm wishes to maintain at all times a minimum cash balance of $50,000. Determine whether or not borrowing will be necessary during the period, and if it is, when and how much. As of April 30, the firm had a balance of $50,000 in cash.

Actual Sales			Forecasted Sales
January	$120,000		May	$80,000
February	110,000		June	95,000
March	100,000		July	105,000
April	90,000		August	115,000

Accounts receivable: 20% of total sales are for cash. The remaining 80% will be collected 60% during the following months, 30% one more month later, and 10% two more months later (the firm incurs a negligible bad-debt loss.)

Cost of goods manufactured: 65% of sales: 80% of this cost is paid the following month and the remaining 20% one more month later.

Selling, general, and administrative expenses: $15,000 per month plus 5% of sales. All of these expenses are paid during the month of incurrence.

Interest payment: A semiannual interest payment on $1,500,000 of bonds outstanding (10% coupon) is paid during July. An annual $80,000 sinking-fund payment is also made at that time.

Dividends: A $20,000 dividend payment will be declared and made in August.

Capital expenditures: $60,000 will be invested in plant and equipment in June.

Taxes: Income tax payments of $25,000 will be made in July.

What is the total payment for the cost of goods manufactured for the month of June?