Budgeted cash payments for purchases The accountant for Schulz Ltd compiled the following gures in order to estimate budgeted cash payments for March and April 2022. Purchases for December 5 78 000 Purchases for January 74 500 Purchases for February 79 350 Ending inventory 28 February 65 700 Budget sales: March 124 200 April 111 500 May 132 500 June 120 000 Schulz Ltd uses the following assumptions when preparing budgets. The cost of sales is 60% of sales. The company pays for 60% of its purchases in the month after purchase, 30% in the second month, following the purchase and 10% in the third month following the purchase. No discounts are received. It is business policy to maintain a monthend inventory balance sufcient to meet the projected sales requirement for the following month. Required (a) Calculate the budgeted purchases for March and April 2022. Ignore GST. (b) Prepare a schedule of expected cash payments for purchases for March and April 2022. (L05)