Aztec Company sells its product for $160 per unit. Its actual and projected sales follow.Units DollarsApril (actual) 6,500 $1,040,000May (actual) 2,200 352,000June (budgeted) 8,000 1,280,000July (budgeted) 5,000 800,000August (budgeted) 3,900 624,000All sales are on credit. Recent experience shows that 28% of credit sales is collected in the month of the sale, 42% in the month after the sale, 29% in the second month after the sale, and 1% proves to be uncollectible. The productΓ’ΒΒs purchase price is $110 per unit. All purchases are payable within 11 days. Thus, 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 24% of the next monthΓ’ΒΒs unit sales plus a safety stock of 135 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,992,000 and are paid evenly throughout the year in cash. The companyΓ’ΒΒs minimum cash balance at month-end is $120,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $120,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 11% interest rate. On May 31, the loan balance is $46,500, and the companyΓ’ΒΒs cash balance is $120,000. (Round amounts to the nearest dollar.)Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. (Do not round intermediate calculations.)
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