18-26 Budgeted purchases; budgeted cash payments Grenfell Company is preparing a cash budget for and in total the year for purchases of Calvos. Budgeted data are as follows: . Ov LO3, ME Cost of goods sold for the year. Accounts payable, Jan. 1 Inventory, Jan. 1. ... Desired inventory, Dec. 31 $600,000 40,000 60,000 84,000 Purchases will be made in 12 equal monthly amounts and paid for in the following month. Com- pute the budgeted cash payment for purchases of Calvos for the year. Cash collections The treasurer of Homeyra Corp, needs to estimate cash collections from accounts