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 udgeted sales 964,000 300,000 $40,000 Budgeted non payment for DLrt materiais 16,160 13,440 13,760 Direct labor 4,040 3,360 3,440 Factory overhead 20,200 16,000 17,200 Sales are 20% cash and 80% 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; $45,000 in accounts receivable, and a $5,000 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 balonce 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 ($4.000 per month), and rent ($6,500 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.) BUILT TIGHT Cash Budget For July August, and September July August September Beginning och balance Total cash available Cash payments for Total cash payments Prelor cash balance Additionation from bank Repayment of loan tok Ending chance Loan balance July August September Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month