The owner of Chump Change Inc. has requested a cash budget for June. After examining the records of the company, you find the following: Cash balance at June $1$ is $$736$ Actual sales for April and May are as follows: April May Cash sales $$10,000$ $$18,000$ Credit sales $28,90035,000$ Total sales $$38,9000$ $$53,000$ Credit sales are collected overa three$-$month period: $40$ percent in the month of sale, $35$ percent in the second month, and $25$ percent in the third month. Inventory purchases average $70\%$ of a month's total sales. Of those purchases, $20$ percent are paid for in the month of purchase. The remaining $80$ percent are paid for in the following month. Salaries and wages total $$11,750$ per month, including $$4,500$ salary paid to the owner. Rent is $$4,100$ per month Taxes to be paid in June are $$6,780.$ Depreciation of $$2,000$ was recorded on the equipment The owner expects cash sales of $$18,600$ and credit sales of $$54,000$ for June. The owner requires a minimum cash balance of $$5,000.$ The owner has access to a line of credit where up to $$10,000$ can be withdrawn. Prepare a schedule of expected cash collections for June $(5$ marks$)$ June Prepare a schedule of expected cash payments for inventory purchases $(5$ marks$)$ June Prepare a cash budget for June. $(15$ marks$)$