Required information The following information apples to the questions displayed below Butlt-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 Direct materials birect labor Factory overhead 15,960 13,24 13,560 3,848 3,1603,240 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, $44,800 in accounts receivable: $4,300 in accounts payable and a $4,800 balance In loans payable. A minimum cash balance of $15,000 is required. Loans are obtalned 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 repakd at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,800 per month), and rent ($6,300 per month)