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Problem B Abbey Stores Limited, plans inventory levels (at cost) at the end of each month as follows: May: $271,000, June: $226,000, July: $209,000, and August: $241,000. Sales are expected to be June: $449,000, July: $359,000, August: $306,000. Cost of goods sold is 65% of sales. Purchases in April were $258,000 and in May they were $188,000. Payments for each month's purchases are made as follows: 15% during that month, 70% the next month, and the final 15% the next month. Prepare budget schedules for June, July, and August for purchases and for disbursements for purchases. Problem C Use the below data to create a cash budget showing expected cash receipts and disbursements for the month of December, and cash balance expected as of December 31, 2018. Planned cash balance, November 30, 2018: $345,000 .Customer receivables as of November 30: $530,000 total, $80,000 from October sales $450,000 from November sales Accounts Payable, November 30: $488,000 Merchandise purchases for December: $450,000, 40% paid in month of purchase, 60% paid in next month Payrolls due in December: $90,000 Other expenses for December, payable in January: $7,500 Bank note due December 15: $75,000 plus $8,000 interest Depreciation for December: $2,100 Three-year insurance policy due December 10 for renewal: $4,800, to be paid in cash Sales for December: $1,000,000, half collected in month of sale, 40% in next month, 10% in third month . . . . . Prepare the cash budget for the month ending December 31, 2018