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One of the products that the sporting - goods retail chain, Sports World, sells is parachutes. In the first quarter of 2 0 2 4

One of the products that the sporting-goods retail chain, Sports World, sells is parachutes. In the first quarter of 2024, Sports World sold 650 parachutes. Budgeted sales for the remainder of 2024(in units) are: 700 in Quarter 2,800 in Quarter 3, and 900 in Quarter 4. Sports World's selling price is $500 per parachute. All Sports World's sales are credit sales. Sports World collects 80% of its sales in the quarter in which it made the sale and the remaining 20% in the following quarter. At the beginning of the second quarter, Sports World had 320 parachutes in its merchandise inventory that it had purchased for $375 each. Sports World's policy is to have 40% of next quarter's sales in merchandise inventory (in units) at the beginning of each quarter. Sports World purchases its merchandise on credit, and it pays for 100 percent of its purchases in the quarter following the purchase.
Please prepare the following budgets for Sports World parachute product line for the third quarter of 2024.
a) Purchases of merchandise (parachutes) in dollars
b) Cash collections (receipts) budget from sales of merchandise (parachutes) in dollars
c) Cash payments (disbursements) budget for purchases of merchandise (parachutes) in dollars

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