Question 5: Master Budgeting Time: 30 minutes Total: 16 marks Guava Inc. has the following information: coas inventoglie Month February March April Budgeted Sales $60,000 51,000 40,000 70,000 72,000 - 4260 35700 28000 - 49000 - Soloo 1400 15120 May June In addition, the cost of goods sold rate is 70% and the desired inventory level is 30% of next month's cost of sales. Required: Prepare a purchases budget for April through June and summarize the total purchases for the quarter. April Required + clors Bal 28000 14700 42700 May Required + closy Foro 49000 15120 64120 tine Soloo Required Closs Bal Schoo 114 BUSI 2083 INTRODUCTION TO MANAGERIAL ACCOUNTING