Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. July August September Budgeted sales $ 55,000 $ 71,000 $ 57,000 Budgeted cash payments for Direct materials 15,360 12,640 12,960 Direct labor 3,240 2,560 2,640 Factory overhead 19,400 16,000 16,400 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,200 in accounts receivable; and a $4,200 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,200 per month), and rent ($5,700 per month). rev: 03_17_2020_QC_CS-204679 1. Prepare a cash receipts budget for July, August, and September.