Purchases and Cash Budgets On July 1, MIC Wholesalers had a cash balance of $350,000 and accounts payable of $199.000. Actual sales for May and Jure, and budgeted sales for July August September, and October are Month Actual Sales Month Budgeted Sales May $300,000 July 5180.COD 320,000 August 16.COD Sep 200.con Caber 24.con All sales are on credit with 75 percent collected during the month of sale, 20 percent colected during the next month and 5 percent collectec during the second month following the north 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 acouired during the month of sale. All purchases are paid for in the month after purchase. Operating costs are estimated at $55.000 each month and are paid during the month incurred. Required Prenare purchases and cash budgets fouty, Agust, and September Do not use a negativa sign with your answers MTC Wholesalers Purchases Budget For the Months of July, August, and September August September Irenicry recure, current sales $ 1.000 x $ 100,000 x $ 200,003 x Desredenuing inventory 03 BUDU Tutalivery needs 2%0.000 290,000 x 204 003 X Less terring invertory 112.000 X 50,000 30000 Purces $ 124,000 * $ 174,000 X $ 214 000 X July Do not use a negative sign with your answers MTC Wholesalers Cash Budget For the Months of July, August, and September July August September Cash balance begrring $ 350 COU $ 204.000 $ 326.00C * TU CU 36.0CU Current month sales Previous month's sacs 5 months prior Total rece pes Cash susilable 12 CUU 4 G4CCU 15.CCO 214CD S6400 150.00 22.000 S.OCC 1 61 517.000 x 172. 00 SSG.CCO x Caah daemorra Purch Operating costs Total disbursements Cash asian and 124.000 x 56CCO 189.00 x 384.00 174.000 x SO 220.000 x 0 x 214.000 x SE.000 270,x 247,000 x $ $ 3