Question 1 (Total:50 marks) A merchandising firm by the name of Star Wars Enterprises, had an inventory of 44,000 units on March 31, and it had accounts receivable totaling $83,500. Sales, in units, have been budgeted as follows for the next four months: April 54,000 May 65,000 June 84,000 July 80,000 To be enforced in April, Star Wars board of directors has established a policy that states that the inventory at the end of each month should contain 35% of the units required for the following month's budgeted sales. $2.5 is the selling price per unit. One-Quarter of sales are paid for by customers in the month of the sale; the balance is collected in the following month. Required: 1. Prepare a merchandise purchases budget showing how many units should be purchased for each of the months April, May, and June. 2. Prepare a schedule of expected cash collections for each of the months April, May, and June