Required Information [The following Information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $330,000,$350,000,$340,000, and $360,000, respectlvely. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% In the month following the sale. All of the accounts recelvable at June 30 will be collected in July. 3. Each month's ending Inventory must equal 30% of the cost of next month's sales. The cost of goods sold Is 60% of sales. The company pays for 40% of Its merchandise purchases in the month of the purchase and the remaining 60% In the month following the purchase. All of the accounts payable at June 30 will be pald In July. 4. Monthly selling and adminIstratlve expenses are always $42,000. Each month $6,000 of this total amount is depreclation expense and the remalning $36,000 relates to expenses that are paid In the month they are Incurred. 5 . The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30 . The company does not plan to Issue any common stock or repurchase Its own stock durlng the quarter ended September 30 . Required: 1. Prepare a schedule of expected cash collectlons for July, August, and September. 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September