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Use the following information to answer the next three questions. Harry Haywire Limited has the following sales budget for the first four months of 2017. January $250,000 $260,000 February $240,000 March April $230,000 Sales are normally 35% cash and 65% credit in any one month collected 60% in the first month and 40% in the second month following sale. Credit sales are 8. The balance of accounts receivable on 1 March is expected to be a) $62,400 b) $250,400 c) $169,000 d) $234,000 Total cash receipts for March will be a) $250,400 b) $188,500 c) $279,000 d) $210,000 9. 10. The cost of goods sold is expected to be 60% of sales. The company wants sufficient inventory to be available at the end of each month to cover 30% of the following month's sales. The expected cost of purchases in February is a) $144,000 b) $142,200 c) $152,400 d) $151,800