Weasley plc next quarters budget is as follows. All sales are on credit and 40% are collected in the month of sale, 58% in the month following the sale, and the remaining 2% are uncollectible. Merchandise purchases are paid in full the month following the month of purchase. The selling and administrative expenses include $8,000 of depreciation on fixtures and equipment. All other selling and administrative expenses are paid as incurred. Weasley wants to maintain a cash balance of $15,000 and in had a beginning cash balance of $24,000 for the month of May. Any amount below this can be borrowed in increments of $1,000. Prepare the cash budget for the month of May. April May June Sales $110,000 $130,000 $180,000 Merchandise purchases $85,000 $92,000 $105,000 Selling & Admin Expenses $50,000 $50,000 $50,000