Problem 3: Purchase budget and Cash payment schedule Sales Inc. is preparing its inventory purchase budget for the second quarter of 20YY. and provided the following sales budget for the second quarter of 20YY. The following relevant information are also provided: Budgeted monthly cost of goods sold equals 20% of budgeted monthly sales. Each month's desired ending inventory should be $40,000 plus 10% of the current month's COGS The ending inventory balance at March 3120YY was $20,000 All purchases are made on account. The company's suppliers require that 40% of accounts payable are paid during the month of purchase, with the remaining 60% paid in the month after purchase. The outstanding accounts payable at March 31,20YY was $200,000 which is to be paid in April. Required: Use the Table below to prepare: The Inventory Purchases Budget and Schedule of Cash Payments for the second quarter of 20YY