Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across th United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the followin information for the second quarter of the year: 1. Expected monthly sales for April, May, June, and July are $300,000,$270,000,$390,000, and $170,000, respectively. 2. Cost of goods sold is 45 percent of expected sales. 3. CGC's desired ending inventory is 35 percent of the following month's cost of goods sold. 4. Monthly operating expenses are estimated to be: - Salaries: $38,000 - Delivery expense: 7 percent of monthly sales - Rent expense on the warehouse: $8,500 - Utilities: $1,700 - Insurance: $210 - Other expenses: $310 Required: 1. Compute the budgeted cost of purchases for each month in the second quarter. 2. Complete the budgeted income statement for each month in the second quarter. Complete this question by entering your answers in the tabs below. Complete the budgeted income statement for each month in the second quarter. Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert heat. It sells to individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year: The majority of Martin's sales ( 60 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 35 percent are collected in the month of sale and 65 percent are collected in the following month. All of Martin's purchases are on account with 45 percent paid in the month of purchase and 55 percent paid the following month. Requlred: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August. Complete this question by entering your answers in the tabs below. Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar.)