Hel Carmen is a retailer of scrapbooking products. The sales forecast for the coming months is: Revenues April $ 253, 000 May $ 269, 000 June $ 298, 000 July $ 340, 000 August $ 354, 000 Book Print Carmen's sales are 80% cash and 20% store credit. The credit sales are collected 70% in the month of sale, the remainder the following month. Accounts receivable on April 1 are $36,000. Carmen's cost of sales averages 60% of revenues. The inventory policy is to carry 40% of next month's sales needs. April 1 inventory erences will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $126,000. 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 C aw 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 Next