5A.24 (LO 3, 4) Integrated purchases and cash payments budget R. Wilson Ascots, a retailer of collegiate neckwear, has completed the sales forecast for the coming year. January $37,000 July $38,000 February $28,000 August $47,000 March $32,000 September $45,000 April $40,000 October $80,000 May $56,000 November $50,000 June $31,000 December $62,000 R. Wilson Ascots maintains an ending inventory level of 60% of the following month's cost of goods sold. The company's cost of goods sold is 40% of sales. Required a. Prepare R. Wilson Ascots purchases budget for October. Use the following format: Budgeted sales dollars Cost of goods sold percentage = Cost of goods sold + Ending inventory = Total inventory required Beginning inventory = Budgeted purchases b. Assuming that R. Wilson Ascots pays for 30% of its purchases in the month of purchase and the remaining 70% in the month following the purchase, prepare the company's cash payments budget for October