Farley Company has budgeted sales revenues as follows: Credit sales June $150,000 July Avoust $140,000 $100,000 Past experience indicates that 50% of the credit sales will be collected in the month of sale, 40% wil be collected in the first month foilowing sale and the remaining 10% will be collected in the second month following the month of sale. Purchases of inventory are all on credit and 45% are paid in the month of purchase and 55% in the month following purchase. Budgeted inventory purchases are June Instructions July August $200,000 350,000 105,000 Prepare separate schedules for expected collections from customers and expected payments for purchases of inventory for July and August