Retail outlets purchase snowboards from Slopes Ltd throughout the year. However, in anticipation of late summer and early autumn purchases, outlets ramp up inventories from November to February. Outlets are billed when boards are ordered. Invoices are payable within 60 days. From past experience, Slopes Ltd's accountant projects 20% of invoices are paid in the month invoiced, 50% are paid in the following month and 30% of invoices are paid two months after the month of invoice. The average selling price per snowboard is $700. To meet demand, Slopes Ltd increases production from April to July, because the snowboards are produced a month prior to their projected sale. Direct materials are purchased in the month of production and are paid for during the following month (terms are payment in full within 30 days of the invoice date). During this period there is no production for inventory, and no materials are purchased for inventory. Direct manufacturing labour and manufacturing overhead are paid monthly. Variable manufacturing overhead is incurred at the rate of $14 per direct manufacturing labour-hour. Variable marketing costs are driven by the number of sales visits. However, there are no sales visits during the months studied. Slopes Ltd also incurs fixed manufacturing overhead costs of $11,000 per month and fixed nonmanufacturing overhead costs of $2500 per month. Projected Sales May 80 units June 120 units July 200 units August 100 units September 60 units October 40 units Direct materials and direct manufacturing labour utilisation and cost The beginning cash balance for 1 July 2015 is $10,000. On 1 October 2014, Slopes Ltd had a cash crunch and borrowed $30,000 on a 6% one-year note with interest payable monthly. The note is due on 1 October 2015. Required: Prepare a cash budget for the months of July to September 2015. Show supporting schedules for the calculation of receivables and payables