You were recently hired to improve the financial condition of Idaho Springs Hardware, a small chain of three hardware stores in Colorado. After looking at the firm's past financial records, you developed a sales forecast for the remainder of the year, as is presented in the following table. Month June 2021 July August September Sales Month 62,000 October 73,000 November 76,000 70,000 December Sales 59,000 47,000 41,000 In addition to the seasonality of sales, you have observed several other patterns. Individuals account for 40% of the firm's sales, and they pay in cash. The other 60% of sales are to contractors with credit accounts, and they have up to 60 days to pay. As a result, about 20% of sales to contractors are paid one month after the sale, and the other 80% is paid two months after the sale. Each month the firm purchases inventory equal to about 45% of the following month's sales. About 30% of this inventory is paid for in the month of delivery, while the remaining 70% is paid one month later. Each month the company pays its hourly employees a total of $9,000, including benefits. Its salaried employees are paid $12,000, also including benefits. In the past, the company had to borrow to build its stores and for the initial inventories. This debt has resulted in monthly interest payments of $4,000 and monthly principal payments Individuals account for 40% of the firm's sales, and they pay in cash. The other 60% of sales are to contractors with credit accounts, and they have up to 60 days to pay. As a result, about 20% of sales to contractors are paid one month after the sale, and the other 80% is paid two months after the sale. Each month the firm purchases inventory equal to about 45% of the following month's sales. About 30% of this inventory is paid for in the month of delivery, while the remaining 70% is paid one month later. Each month the company pays its hourly employees a total of $9,000, including benefits. Its salaried employees are paid $12,000, also including benefits. In the past, the company had to borrow to build its stores and for the initial inventories. This debt has resulted in monthly interest payments of $4,000 and monthly principal payments of $221. On average, maintenance at the stores is expected to cost about $700 per month, except October to December when snow removal costs will add about $200 per month. Sales taxes are 7% of quarterly sales and must be paid in June, September, and December. Create a cash budget for June to December. Note that sales in April and May were $51,000 and $57,000, respectively. January 2022 sales $50,000, and May ending balance is $0.