Armidale Company Ltd (ALC) is a merchandising company operating in Armidale and makes all sales to customers on a credit basis. Its 2022 books contain the following information: Month Budgeted Sales July $26000 August 25100 September 24000 October 27000 November 27200 Further information from the company books reveal that any sale amount comprises of 70% cost of goods sold and the remainder gross profit. Furthermore, managers, going by their past experience, maintain a level of closing inventory of stock for each month at 40% of the next months cost of goods sold. Required: Work out ALCs purchases budget for the months of August, September and October, 2022, including a column for a total amounts for each budget item for the quarter as a whole, as per the following format: Purchases Budget August September October Total Targeted Closing Inventory Cost of Goods Sold Total Needed Beginning Inventory Total Purchases