Past experience indicates that cosk of the credit sales will be colected in the month of sale and ther remaining 40h will be collested an following purchase. Budgeted imventory purchusas are as foliowni Other cash disbursements budgeted:\{a) seling and administrative expenses of 347.000 exch manth. (av dividends or 51 t.000 will be paid in July, and (c) purchase of equipment in August for $30,000 cash The company's policy is to maintain a minimum. cash balance of 550.000 at the end ot each month The coenpary borrows moowy tram the bank at 6 . interest if necessary to maintain the minimum cash balance. Borrowed mancy is repald in months when there is an excess cash balance. The beginning eash halance on July 1 was 550,000 , Assume that borrowed money in this caneisior one morith. Prepare separate schedules for expected collections from customers and expectod mainan its for purchases of linventorv. (Do not leave any answer field blank. Enter 0 for ama.... Schedule of Expected Payments for Purchases of Inventory Schedule of Expected Payments for Purchases of inventory Inventory purchases June July August Total payments Assistance Used eTextbook and Media