Wilson Products is a wholesale distributor of industrial cleaning products. When the treasurer of the company recently approached the company's bank seeking short term financing, he was told that any borrowing would have to be supported by a detailed statement of cash collections and disbursements Since the treasurer is unsure as to the months in which bank financing will be needed, he has assembled the following information to antin preparing a detailed cash budget. Bucigeted sales for the three monthes July through September of 2021 are Dollars July $345,000 August 5403.000 September $358.000 Units 6.900 8.060 7.160 The company normally collects sales as follows: 65 percent by the end of the month of sale, 25 percent in the first month following the month of sale. and 10 percent in the second month following the month of sale. Customers are allowed a 3 percent discount if payment is made within the month of sale. The expected Accounts Receivable balance on June 30 is 128,250. Of this amount. 596.250 represents uncollected june sales and $32.000 represents uncollected May sales. The cost of each unit of merchandise inventory is $28. The number of units in each month's ending inventory equals 25 percent of the next month's units of sales. Required: Show supporting calculations as needed to obtain credit. Using the preceding information, do the following: 1. (6 points) Prepare cash receipt budgets for July and August. 2. (3 points) Determine the accounts receivable balance as of August 31. 3. (6 points) Merchandise purchase budgets in units and in dollars for July and August