1) Sales Budget A Bordeaux clothing wholesaler was preparing its sales budget for the first quarter of N. Forecast of sales are: January (200,000 February 220,000 March 240,000 Sales are 20% cash and 80% on credit. Fifty percent of the credit accounts are collected in the month of sale, 40% in the month following the sale, and 10% in the following month. No uncollectible accounts are anticipated. Accounts receivable at the beginning of N are 696,000 (10% of November credit sales of (180,000 and 50%% of December credit sales of (156,000). Prepare a schedule showing sales and cash collections for January, February, and March, N. 2) Purchases Budget Linkenheim GmbH has adopted the following policies regarding merchandise purchases and inventory: At the end of any month, the inventory should be 615,000 plus 90% of the cost of goods to be sold during the following month. The cost of merchandise sold averages 60% of sales. Purchase terms are generally net 30 days. A given month's purchases are paid as follows: 20% during that month and 80% during the following month. Purchases in May had been (150,000 and the inventory on May 31 was $210,000. The manager was upset because the inventory was higher than planned. Sales are expected to be June