Purchases and Cash Budgets On July 1, MIC Wholesalers had a cash balance of $250,000 and acounts aayab e of $199,000. Actual sales for May and june, and budgeted sales for luy, August, September, and October are: Month Actual Sales Manth Budgeted Sales $300.000 320,00C August 180.00 May October 240,000 All sales are on credit with 75 berent colected 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 Bercent of sales revenge Ending inventory is one-half of the next monta's predicted cast of sales. The other half of the merchandise is acquired during the month of sale. All purchases are paid for in the month the burre Operating costs are stimated at 5s on each month ann are paid during the month incurred Required Presare purchases and cash budgets for July August, and September. Do not use a negative sign with your answers. MTC Wholesalers Purchases Budget For the Month of July August, and September August September Trentory requircc, current sales : Desired ending in-cntcry Tatal inventory needs Less heanning inventory Purchase Do not use a negative sier with your answers. MTC wholesalers Cash Budizer For the Months of July August, and September July Aueust September Cash balance beginning Cash rece pes Currentrerte Pre tous month's sales Sales M onths prior Totalrecepts Cash available Cash dsbursements Purchase Operating costs Totalcisbursements Cashbulance, endres