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Question. Information pertaining to Menchu Corporation's sales revenue is presented in the following table: June 2021 July 2021 Aug. 2021 (Actual) (Budget) (Budget) Cash sales P 80,000 P100,000 P 60,000 Credit sales 240,000 360,000 180,000 Total sales 320,000 460,000 240,000 Management estimates that 5% of credit sales are uncollectible . Of the credit sales that are collectible, 60% are collected in the month of sale and the remainder in the month following the sale. Purchases of inventory are equal to next month's sales and gross profit margin is 60%. All purchases of inventory are on account; 20% are paid in the month of purchase, and the remainder are paid in the month following purchase. Menchu Corporation's budgeted total cash payments in July 2021 for inventory purchases are P