Quality Goods Company operates antique and second-hand goods stores throughout Victoria. Such stores are currently very popular and sales are increasing each month. It has budgeted the following sales for the indicated months. June July August $ $ $ Sales on account 1,890,000 1,027,000 1,703,000 Cash sales 239,000 145,000 123,000 Total sales 2,129,000 1,172,000 1,826,000 Quality Goods Company's success in this specialty market is due in large part to the extension of credit terms and the budgeting techniques implemented by the firm's owner, Janelle Matthews. Cost is 70 per cent of selling price. Merchandise inventories at the beginning of each month are 30 per cent of that month's forecasted cost of sales. With respect to sales on account, 30 per cent of receivables are collected in the month of sale, 40 per cent are collected in the month following and 30 per cent are never collected. Important: For any amounts, please don't include the dollar sign ($) or any thousands separator - i.e., $12,000 should be written as 12000. Required: a. What is the anticipated cost of sales for June? Cost of sales for June b. What is the beginning inventory for July expected to be? Beginning inventory for July c. What are the July purchases expected to be? Purchases for July d. What are the forecasted July cash collections? Cash collection for July