Problem 3: Preparation of Purchase budget and Cash payment schedule (20 Points: 12+8) Sydney Inc. is preparing its inventory purchase budget for the Fourth quarter of 20YY, and provided the following sales budget for the Fourth quarter of 20YY. \begin{tabular}{|l|r|r|r|} \hline & October & November & December \\ \hline Projected sales & $600,000 & $700,000 & $800,000 \\ \hline \multicolumn{2}{|l|}{} & & \\ \hline \multicolumn{2}{|l|}{ The following relevant information are also provided: } & & \\ \hline \end{tabular} Budgeted monthly cost of goods sold equals 45% of budgeted monthly sales. Each month's desired ending inventory should be $20,000 plus 15% of the current month's COGS The ending inventory balance at September 30,20Y Y was $53,750 All purchases are made on account. The company's suppliers require that 60% of accounts payable are paid during the month of purchase, with the remaining 40% paid in the month after purchase. The outstanding accounts payable at September 30,20YY was $92,000 which is to be paid in October. Required: Using the information given above, prepare the Inventory Purchase Budget and Cash Payment Schedule for the Fourth quarter of 20YY. Enter the budgeted data in the table provided below. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Inventory purchases budget for Fourth quarter 20YY} \\ \hline & October & November & December & Proforma statement data \\ \hline Purchase Budget & $ & $ & $ & $ \\ \hline \multicolumn{5}{|l|}{ Budgeted cost of goods sold } \\ \hline \multicolumn{5}{|l|}{ Desired ending inventory } \\ \hline \multicolumn{5}{|l|}{ Total inventory needed } \\ \hline \multicolumn{5}{|l|}{ Less beginning inventory } \\ \hline \multicolumn{5}{|l|}{ Required inventory purchases } \\ \hline \multicolumn{5}{|c|}{ Cash Payment Schedule for the Fourth Quarter 20YY } \\ \hline Schedule of cash payments for: & October & November & December & \\ \hline & $ & $ & $ & \\ \hline Current month's inventory purchases & & & & \\ \hline Previous month's inventory purchases & & & & \\ \hline Total cash payments for inventory & & & & \\ \hline \end{tabular} Siddique, Salina: Record here the total Budgeted COGS to be reported in the Budgeted Income Statement for the Fuorth Quarter of 20YY. Siddique, Salina: Record here the Desired Ending inventory to be reported in the Budgeted Balance Sheet as at December 31, 20YY. Siddique, Salina: Record here the amount of Expected Accounts Payable to be reported in the Budgeted Balance Sheet as at December31, 20YY. Siddique, Salina: Record here the amount of total cash payment for inventory to be reported in the Cash Budget for the Fourth quarter 20YY