Pharoah Company has budgeted sales revenues as follows: June July August Credit sales $35,000 $35,000 $30,000 Cash sales 25,000 55,000 45,000 Total sales $60,000 $90,000 $75,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and the remaining 50% in the month following purchase. Budgeted inventory purchases are as follows: June $60,000 July 55,000 August 25,000 n Co