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 $134,000 $162,000 $214,000 Manufacturing costs 56,000 70,000 77,000 Selling and administrative expenses 39,000 44,000 47,000 Capital expenditures _ _ 113,000 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 $9,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and t