Question #4: Mamie Earle, Inc. sells art supplies. The sales forecast for the coming months is: Revenues $250,000 $275,000 $300,000 $350,000 $350.000 April May June July August Mamie Earle's sales are 70% cash and 30% store credit. The credit sales are collected 60% in the month of sale, the remainder the following month. Accounts receivable on April 1 are $32,000. Mamie Earle's cost of sales averages 65% of revenues. The inventory policy is to carry 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Mamie Earle pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $125,000 a. Prepare a purchases budget for the months of April, May, June Prepare a cash payments budget for April, May, June.. c. Prepare a cash receipts budget for April, May, June