QUESTION 3 15 points Save Answer The following information is budgeted for McCracken Plumbing Supply Corporation for next quarter April May June Sale $110.000 5130,000 $150,000 Merchandise purchases 1505000 5 92000 $105.000 Selling and administrative expenses 350 000 550.000 550.000 All sales at McCracken are on Crest Forty percent are collected in the month of sales in the month following the sale and the remaining 2% are uncelectible Merchandise purchases are paid in the month following the mouth of purchase. The selling and administrative expenses above include $8.000 of depreciation on display fixtures and warehouse equipment. All other selling and administrasive expenses are paid as incurred McCracken wants to maintain a cash balance of $15,000. Any amount below this can be borrowed from a local bank as needed at a quarterly interest rate of 3%. Al borrowings are made a month and and payments of loans of any part of loans, at month and as well Required: Prepare McCracken's cash budget for May. McCracken expects to have $25,000 of cash on hand at the beginning of May. Show you work Please th e guestion McCracken Plumbing Supply Cash Budget for May