Question three (16 points) he following informatio owing information is budgeted for McCracken Plumbing Supply Corporation for next quarter May $130,000 June Sales $110,000 $180,000 $105,000 $50,000 $85,000 $50,000 $92,000 Selling and administrative expenses All sales at McCracken are on credit. Forty percent are collected in the month of sale, 58% in the month following the sale, and the remaining 2% are uncollectible. Merchandise purchases are paid in full the month following the month of purchase. The selling and administrative expenses above include $8,000 of depreciation on display fixtures and warehouse equipment. All other selling and administrative expenses are paid as incurred. McCracken wants to maintain a cash balance of $15,800. Any amount below this can be borrowed from a local bank as needed at a quarterly interest rate of 3%. All borrowings are made at month end and payments of loans, or any part of loans, at month end as well. $50,000 Required Prepare McCracken's cash budget for May. McCracken expects to have s24,000 of cash on hand at the beginning of May. Show you work