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. July August September Budgeted sales $59, 500 $75,500 $ 52, 500 Budgeted cash payments for Direct materials 17, 060 14,340 14, 660 Direct labor 4,940 4,260 4,340 Factory overhead 21, 100 17, 700 18, 100 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; $45,900 in accounts receivable; and a $5,900 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 ($4,900 per month), and rent ($7,400 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 Iullritl'l minus sign. Enter your nal answers in whole dollarsJ Beginning cash balance Total cash available Cash payments for: Total cash payments Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance Loan balanoe Beginning of month Additional loan {loan repayment) Loan balanoe End of month