Show Me HowPrint Item Question Content Area Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $125,000 $156,000 $203,000 Manufacturing costs 53,000 67,000 73,000 Selling and administrative expenses 36,000 42,000 45,000 Capital expenditures _ _ 108,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $6,000 of the estimated monthly manufacturing costs