Miller Lorusso and Tran (MLT) Ltd. is a retailer of imported portable device shockproof covers for the new iFoney 6. They are new in Australia and come in a range of colours and designs, but all with the one selling price. They have provided you with the following information relating to actual data from June, and budgeted data for July. Sales (units) June 2022 (Actual) 2,000 Purchases (units) 1,800 1,600 July 2022 (Budgeted) 1,600 i. MLT sells each shockproof cover for $45 and purchases them for $25. ii. All inventory is purchased on credit, with 50% paid in the month of purchase and 50% paid the following month. iii. Sales are made on a cash and credit basis, with cash sales representing 80% and credit sales 20% of each month's sales. Credit Customers usually pay in full one month after the sale. iv. The following cash expenses are incurred each month: Rent $5,000, Wages $11,000, Utilities $800, Various other cash expenses $500. V. Depreciation each month is $750. vi. Monthly Drawings are $4000 for each owner and there are 3 owners. Every month the business gives $300 to various charities. vii. viii. The Cash at Bank balance as of June 30th, 2022, was $15,700 Dr. Required: Prepare a cash budget for MLT for the month of July 2022.