The owner of a plumbing supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $936. b. Actual sales for April and May are as follows: sales are uncollectible. d. Inventory purchases average 70% of a month's total sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. e. Salaries and wages total $11,750 per month, including a $4,500 salary paid to the owner. f. Rent is $4,500 per month g. Taxes to be paid in June are $6,780. Required: Inventory purchases: Current month XV% Prior month $X Salaries and wages Rent Taxes Total cash needs Excess of cash available over needs Feedback v Check My Work Partially correct 2. Conceptual Connection: Did the business show a negative cash balance for June? Feedback Check My Work 2. Consider how cash is paid and received. Would it be easier to increase sales or decrease expenditures