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Purchases and Cash Budgets OnJuly1. MTC Wholesalers had a cash balance of $262,500 and accounts payable of $148,500. Actual sales for May andJune, and budgeted sales forJuly, August, September, and October are: Month ActualSales Month BudgetedSales May $225,000 july 35 135,000 June 240,000 August 120,000 September 150,000 October 1 80,000 All sales are on credit with 75 percent collected during the month of sale, 20 percent collected during the next month. and 5 percent collected during the second month following the month of sale. Cost of goods sold averages 70 percent of sales revenue. Ending inventory is one-half of the next month's predicted cost of sales. The other half of the merchandise is acquired during the month of sale. All purchases are paid for in the month after purchase. Operating costs are estimated at $42,000 each month and are paid during the month incurred. Required Prepare purchases and cash budgets forJuly. August, and September. Do not use a negative sign with your answers. MTC Wholesalers Purchases Budget For the Months ofJuly, August, and September July August September Inventory required, current sales 15 0 $ 0 $ 0 Desired ending inventory 0 0 0 Total inventory needs 0 0 0 Less beginning inventory 0 D 0 Purchases $ 0 $ 0 $ 0 Do not use a negative sign with your answers. MTC Wholesalers Cash Budget For the Months ofJuly, August, and September July August September Cash balance, beginning $ 0 $ 0 $ 0 Cash receipts Current month's sales 0 0 0 Previous month's sales 0 0 0 Sales two months prior 0 0 0 Total receipts 0 0 0 Cash available 0 0 0 Cash disbursements: Purchases 0 0 0 Operating costs 0 0 D Total disbursements 0 0 D $ 0 $ 0 $ 0 Cash balance, ending