Required information [The following information applies to the questions displayed below.) Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. Budgeted sales July August September $59,000 $75,000 $53,000 Budgeted cash payments for Direct materials 17,160 14,440 14,760 Direct labor 5,040 4,360 4,440 Factory overhead 21,200 17,800 18,200 Sales are 30% cash and 70% 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; $46,000 in accounts receivable; and a $6,000 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 ($5,000 per month), and rent ($7,500 per month). 2. Prepare a cash budget for each of the months of July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.) September 68,400 BUILT-TIGHT Cash Budget For July August, and September July August Beginning cash balance $ 15,000 $ 15,0001 Cash receipts from customers 63.700 52,500 Total cash available 78,700 67,500 Cash payments for Direct materials Direct labor Overhead Sales commissions Office salaries Rent Interest on bank loan Total cash payments 0 Preliminary cash balance Additional loan from bank Repayment of loan to bank 0 Ending cash balance 0 0