REQUIREMENT: Prepare the following budgets for the 3rd Quarter: A. Production Budget B. Direct Materials Budget C. Direct Labor Budget D. Factory Overhead Budget 2. Built-Tight is preparing its master budget. Budgeted sales and cash payments are as follows: July August September Budgeted sales 64,000 80,000 48,000 Budgeted cash payments for: Direct materials 16,160 13,440 13,760 Direct labor Overhead 4,040 3,360 3,440 20,200 16,800 17,200 Sales to customers are 20% cash and 80% on credit. Sales in June were $56,250. All credited sales are collected in the month following the sale.The June 30 balance sheet includes $15,000 in cash and $5,000 in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any given month when the preliminary cash balance is below $15,000. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. Any preliminary cash balance above $15,000 is used to re pay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10%), office salaries ($4,000 per month) and rent ($6,500 per month). REQUIREMENT: A. Prepare a schedule of cash receipts for the months of July, August and September B. Prepare a cash budget for the months of July, August and September.