Use the following information to prepare the May cash budget for Benico Company. It should show expected cash receipts and cash disbursement for the month and the cash balance expected on May 31.

a. Beginning cash balance on June 1 is $74,000.

b. Cash receipts from sales are expected to be $1,820,000.

c. Cash payments for direct materials and direct labor are expected to be $299,500 and 680,500, respectively.

d. Cash selling and administrative expenses budgeted for May are $395,000.

e. Bank loan interest due in June: 10,000.

f, Budgeted cash disbursements for salaries in June: $190,000.

g. Budgeted depreciation, the only fixed overhead estimated for June: $34,000. .

h. Loan payment of $80,000 should be made if the preliminary cash balance is greater than $210,000.