Best Buy Electronics, which sells electronic devices, had the following details for May and June:

Item	May (£)	June (£)
Cost of Goods Sold	360,000
Projected Increase (%)	4%
Inventory Balance (End)	30,000	32,000
Accounts Payable Balance	40,000
Cash Payments (Current Month)	70%
Cash Payments (Following Month)	30%

Requirements:

1. Determine the amount of purchases budgeted for June.
2. Calculate the total cash payments for inventory purchases in June and prepare a cash budget.
3. Create a schedule of cash receipts and cash payments for June.