The owner of John Kelly Inc. has asked you to prepare a cash budget for March. After examining the company's records, you find the following: a) Cash balance on March 1st is $22,000. b) Actual sales for April and May are as follows: c) Credit sales are collected over a 3-month period as follows: i) 50% in the month of sale ii) 30% in the second month iii) 15% in the third month The sales collected in the third month are subject to a 1.5% late fee, but only half of the affected customers pay the late fee and the owner does not think it is worthwhile to try to collect from the other half. The remaining sales are uncollectible. d) Inventory purchases average 60% of a month's total sales. Of these purchases, 40% are paid in the month of purchase. The remaining 60% are paid for in the following month. e) Salaries and wages are $15,000 a month including a salary of $7, 500 paid to the owner. f) Rent is $2, 500 per month paid to his brother in-law. g) Taxes to be paid in June are $8,000. The owner also tells you that he expects cash sales of $40,000 and credit sales of $70,000 for June. No minimum cash balance is required