Pope Company has budgeted the following cash flows:

Pope had a $36,000 cash balance on April 1. The company desires a $60,000 cash cushion before paying interest. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is
1.50 percent per month. Pope also pays its vendors on the last day of the month.
Required
Prepare a cash budget.

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June April May Cash receipts Cash payments For inventory purchases For S&A expenses $320,000 $470,000 $624,000 410,000 80,000 420,000 106,000 464,000 132,000