Required information Skip to question [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July August September Budgeted sales $ 58,500 $ 74,500 $ 53,500 Budgeted cash payments for Direct materials 16,060 13,340 13,660 Direct labor 3,940 3,260 3,340 Overhead 20,100 16,700 17,100 Sales to customers are 25% cash and 75% on credit. Sales in June were $56,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $37,000 in cash and $4,900 in loans payable. A minimum cash balance of $37,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $37,000

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