Question 1 (20 pts) The Pinsky Company has the following information available: Month Budgeted Sales March $150,000 April 153,000 May 151,000 June 254,500 July 252,500 20 pts 1. The gross profit rate is 40% and the desired ending inventory level is 20% of the next month's cost of sales. Prepare purchases and cost of goods sold budget for April, May, and June. 2. Credit sales are 80% of total sales. Collections of credit sales are 80% in the month of sale, 15% in the month after the sale, and 5% are never collected. Prepare a schedule of cash collections for April, May, and June. Edit Format Table