Check my 2 Hardy Company's cost of goods sold is consistently 60% of sales. The company plans ending merchandise inventory for each month equal to 20% of the next month's budgeted cost of goods sold. All merchandise is purchased on credit, and 40% of the purchases made during a month is paid for in that month. Another 35% is paid for during the first month after purchase, and the remaining 25% is paid for during the second month after purchase. Expected sales are August (actual). $355,000; September (actua. $380,000, October (estimated) $280,000, and November (estimated $310,000. Use this information to determine October's expected cash payments for purchases. Calculate Monthly Purchases: August September October November Budgeted ending inventory Required available inventory Required purchases $ 05 0$ o Calculate Payments Made for inventory: Purchases paid in September October Purchases August Alter October August purchases September purchases October purchases 0 Determine October's Expected Cash Payments for Purchases October's expected cash payments for purchases