Carmen is a retailer of scrapbooking products. The sales forecast for the coming months is: April May June July August Revenues $ 259,000 $ 271,000 $ 291,000 $ 345,000 $ 358,000 Carmen's sales are 80% cash and 20% store credit. The credit sales are collected 50% in the month of sale, the remainder the following month. Accounts receivable on April 1 are $36,000 Carmen's cost of sales averages 70% of revenues. The inventory policy is to carry 30% of next month's soles needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 20% in the month of purchase and 80% the following month Accounts payable on April 1 is $134,000. a. Prepare a purchases budget for as many months as is possible. April May June July August % % % % % Sales Cost of Sales Percentage Cost of Sales Ending Inv Beginning Inv Purchases b. Prepare a cash payments budget for April through July, April May June July From This Month From Last Month Cash Payments c. Prepare a cash receipts budget for April through July. (Do not round intermediate calculations.) April May June July + Cash Sales Collected in the Month of Sale Collected the following Month Cash Collected