Required information [The following information applies to the questions displayed below] Built-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 Budgeted sales Budgeted cash payments for $60,800 $76,80 52,800 Direct materials Direct labor Factory overhead 16,960 14,240 4,840 4,160 21,000 17,600 14,568 4,240 18,800 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; $45,800 in accounts receivable; $5,300 in accounts payable; and a $5,800 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 inthe month incurred and consist of sales commissions 10% of sales office salaries $4,800 per month and rent ($7,300 per month). July August September Beginning cash balance Total cash available Cash payments for Total cash payments Preliminary cash balance Ending cash balance Loan balance August September Loan balance -Beginning of month Additional loan (loan repayment) Loan balance- End of month