Garda purchased $570,000 of merchandise in August and expects to purchase $790,000 in September. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. Compute cash payments for merchandise for September. GARDA Cash payments for Merchandise (Budgeted) For Month Ended September 30 Cash payments for September purchases Cash payments for August purchases Total budgeted cash payments Foyert Corp. requires a minimum $6,300 cash balance. If necessary, loans are taken to meet this requirement at a cost of 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $6,300 and the company has an outstanding loan of $2,300. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments October $22,300 24,450 November $16,300 15,300 December $20,300 15,700 Prepare a cash budget for October, November, and December. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) FOYERT CORP. Cash Budget For October, November, and December October November Beginning cash balance $ 6,300 December Total cash available Preliminary cash balance Ending cash balance Loan balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month 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 45% is paid for during the first month after purchase, and the remaining 15% is paid for during the second month after purchase. Expected sales are: August (actual), $385,000; September (actual), $410,000; October (estimated), $330,000; and November (estimated), $380,000. 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 0 $ 0 $ 0 Calculate Payments Made for Inventory: ---------- Purchases paid in ----------- September October Purchases August After October August purchases September purchases October purchases 01 Determine October's Expected Cash Payments for Purchases. October's expected cash payments for purchases