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 wales Dudgated cash payment for Direct materials Diret labor Fantasy serhead July August September 594,000 $70,000 $50,000 15,160 12,440 12,760 3,040 2,360 2,440 19,200 15,00 16,200 Sales are 15% cash and 85% 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: $44,000 in accounts receivable; and a $4.000 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. Han excess balance of cash exists. loans are repald at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales, office salaries ($3,000 per month), and rent ($5,500 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 cash balance $ 15,000 $ 15,000 Cash receipts from customers 52,100 58 400 68,200 Total cashlable 71,400 83,200 Cash payments for Direct materials 15,160 12.440 12.780 Direct labor 3,040 2.380 2.440 Overhead 19,200 15,800 16.200 Office salarius 30,000 30.000 30.000 Rent 5,500 5.500 5,500 WWW Sales commissions 5.400 5,800 Interest on bank loan 40 Totalcash payments 78,340 68,100 72,700 Preliminary cash balance Additional loan from bank Repayment of loan to bank Ending cash balance Loan balance July August September Loan balance - Beginning of month Additional loan doa repayment) Loan balance - End of month