[The following information applies to the questions displayed below) Built-Tight is preparing is master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow Budgeted les Hudgeted cash payments for Direct materials Direct labor Factory overhead August Septembre 362.000 375,000 $50.000 16,560 11,340 14.16 4.440 3,760 20.60 17,200 17. Sales are 25% cash and 75% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash: $45,400 in accounts receivable: $4.900 in accounts payable, and a $5.400 balance in loans payable. A minimum cash belonce of $15,000 is required. Loons are obtained at the end of any month when a cash shortage occurs. Interest is 196 per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month Operating expenses are paid in the month incurred and consist of soles commissions (10% of solest office salaries ($4.400 per month and rent ($6,900 per month 2. Prepare a cash budget for each of the months of July, August and September (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars.) BUILT TIGHT Cash Budget For July August, and September August July September Beginning cash balance Total cash available Cash payment for Tocal cash payments Preliminary cash balance Additional loan roman Repayment on to bank Ending cash Loan Balance July August September Loan balance Beginning of month Additional loan ons regaron Loan balance End of month