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Q No.5 Olympia Candies is preparing a budget for the second quarter of the current calendar year. The March ending inventory of merchandise was $106,000, which was higher than expected. The company prefers to carry ending inventory amounting to the expected sales volume of the next two months. Purchases of merchandise are paid half in the month of purchase and half in the month following purchase, and the balance due on accounts payable at the end of March was $24,000. Budgeted sales are as follows: April......... $40,000 July......... $72,000 May.. .$48,000 August... $56,000 June... $60,000 September... .$60,000 Required: 1. Assuming a 25 percent gross profit margin is budgeted, prepare a budget showing the following amounts for the months of April, May and June: Cost of goods sold. Purchases required. Cash payments for merchandise. 2. Assuming the balance on accounts receivables at the beginning of April was $35,000 and all customers pay three fourths in the month of sale and one fourth in the month following the sale, prepare a budget showing the cash receipts from accounts receivable for April, May and June