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 $$128,000$ $$156,000$ $$211,000$ Manufacturing costs $54,00067,00076,000$ Selling and administrative expenses $37,00042,00046,000$ Capital expenditures $\_\_112,000$ The company expects to sell about $12\%$ of its merchandise for cash. Of sales on account, $60\%$ are expected to be collected in the month following the sale and the remainder the following month $($second month following sale$).$ Depreciation, insurance, and property tax expense represent $$7,000$ of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and t