Quagmire Inc. has prepared the following sales budget for the quarter of Apri, May and June: Sales Budget June 2600 x $40 $504000 Total 38400 Sales in units Selling price per unit Sales revenue May 15000 x $40 $432000 600000 April 10800 x $40 $1536000 All of the sales are on credit. Quagmire collects from customers as follows: 40% of sales in the month of sale 35% in the month following the sale, and 25% in the second month following the sale. Cash receipts budget April 172800 184800 120000 May 240000 151200 132000 June Collect from current sales Collect from last month Collect from 2 mos. Prior Cash receipts 201600 210000 08000 523200519600 $ 1520400 Total 614400 546000 360000 $ 477600 Quagmire expects cost of goods sold to be 60% of sales. They keep 30% ofr ext ont s expected cost ofgood sol in ending inventory. Below are budgeted purchases of inventory All purchases are paid for in the SAME month as the purchase