Q1: Prepare a purchases budget for Graham Murray for the periods January-June, July- MR FER December and for the calendar year. Use the following data: Budgeted sales income (in $000s) is: 2,20 Jan - Jun 0 3,60 Jul - Dec 0 2,80 Jan - Jun (following year) 0 Selling price per unit is 200% of cost price. The value of opening inventory for each period should be 25% of the budgeted cost of sales for that period. Purchases Budgets for This Year (First Half, Second Half and Total) Current Year Next Year Current Year Jan-June July- Dec Jan-June TOTAL Expected Sales COGS Closing Inventory Goods available Opening Inventory Purchases