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Question 5: Master Budgeting . Time: 30 minutes Total: 16 marks Guava Inc. has the following information: Month Budgeted Sales February $60,000 March 51,000 April 40,000 May 70,000 June 72,000 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