1529-23. Purchases and Cash Budgets Du Jul).r l, MTC Wholesalers had a cash balance of $1T5,DCI'J and accounts payable of $99,011]. Actual sales for May and June, and budgeted sales for July, August, September, and October are: natural Budgeted Month Salas Month Salas May ...................... $150,000 July ...................... $ 90,000 June ..................... 160.000 Nrgust ................... 00,000 September ................ 100,000 October .................. 120,000 All sales are on credit Twith T5 percent collected during the month of sale, 20 percent collected during the next month, and 5 percent collected during the second month following the month of sale. Cost of goods sold averages TC! percent of sales revenue. Ending inventory is onehalf of the next month's predicted cost of sales. The other halfo'f the merchandise is acquired during the month of sale. All pur- chases are paid for in the month after purchase. Operating costs are estimated at $28,000 each month and are paid during the month incurred. Required Prepare purchases and cash budgets for July, August, and September