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10. value: 1.00 points Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made forthe desert heat. It sells to individuals as well as local companies that coordinate adventure getaways inthe desert for tourists. The following information is available for several months of the current year: CashExpenses Month Sales Purchases PaidMay $ 98,000 $ 68,000 $ 19,000June 120,000 88,000 27,000July 135,000 117,000 36,250August 132,000 74,000 35,000 I— The majority of Martin’s sales (70 percent) are cash, but a few of the excursion companies purchase oncredit. Of the credit sales, 35 percent are collected in the month of sale and 65 percent are collected inthe following month. All of Martin’s purchases are on account with 55 percent paid in the month ofpurchase and 45 percent paid the following month. Required:1. Determine budgeted cash collections for July and August. (Round your intermediate calculationsand ﬁnal answers to nearest whole dollar.) Budgeted Cash Collections __ 2. Determine budgeted cash payments for July and August.