Quagmire Inc. has prepared the following sales budget for the quarter of April, May and June:

Sales Budget
	April	May	June	Total
Sales in units	6000	8800	7200	22000
Selling price per unit	x $40	x $40	x $40
Sales revenue	$240000	$352000	$288000	$880000

All of the sales are on credit. Quagmire collects from customers as follows:

50% of sales in the month of sale 35% in the month following the sale, and 15% in the second month following the sale.

Cash receipts budget
	April	May	June	Total
Collect from current sales	120000	176000	144000	440000
Collect from last month	106400	84000	123200	313600
Collect from 2 mos. Prior	40800	45600	36000	122400
Cash receipts	$ 267200	$ 305600	$ 303200	$ 876000

Quagmire expects cost of goods sold to be 30% of sales. They keep 30% of next months expected cost of goods sold in ending inventory. Below are budgeted purchases of inventory. All purchases are paid for in the SAME month as the purchase.

Purchases Budget
	April	May	June	Total
Budgeted cost of goods sold	72000	105600	86400	264000
plus desired ending inventory	31680	25920	18720	18720
Total needs	103680	131520	105120	282720
less beginning inventory	(21600)	(31680)	(25920)	(21600)
Cost of purchases	82080	99840	79200	261120

Below is the budget for variable and fixed selling and administrative expenses. Selling and admin expenses are paid in the month AFTER they are incurred. Fixed expenses include depreciation of 23400 each month.

Sales and Admin Budget
	April	May	June	Total
Variable S&A expenses	48000	70400	57600	176000
Fixed S&A (including depreciation)	78000	78000	78000	234000

Quagmire has $152000 of cash on hand at he beginning of May. Prepare a cash budget for May and June. (Use excel so that multiple attempts are easier.) Compute the beginning balance in cash for June. ? Compute the ending balance in cash for June. ?