Carmen is a retailer of scrapbooking products. The sales forecast for the coming months is: Carmen's sales are 60% cash and 40% store credit. The credit sales are collected 50% in the month of sale, the remainder the following month. Accounts receivable on April 1 are $38,000. Carmen's cost of sales averages 60% of revenues. The inventory policy is to carry 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $135,000. a. Prepare a purchases budget for as many months as is possible. b. Prepare a cash payments budget for April through July. c. Prepare a cash receipts budget for April through July. (Do not round intermediate calculations.)