Required information Problem 7-2A Manufacturing: Cash budget LO P2 The following information applies to the questions displayed below] Built-Tight is preparing its master budget for the quarter ended September 30, 2017. Budgeted sales and cash payments for product costs for the quarter follow July August September Budgeted sales Budgeted cash payments for $63,500 $79,500 $48,500 Direct materials Direct labor Factory overhead 16,260 13,540 13,866 4,140 3,460 3,540 20,300 16,90 17,30e Sales are 25% cash and 75% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $45,100 in accounts receivable; $4,600 in accounts payable; and a $5,100 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 per month) Problem 7-2A