Requlred Information [The following informotion opplies to the questions disployed below.] The following trial balance wos drown from the records of Hovel Compony sa of October 1, year 2 Required a-1. Bosed on the following information, prepare a sales budget and a schedule of cash receipts for October, November, and December. Soles for October are expected to be $335,000, consisting of $60,000 in cash and $275,000 on credit. The company expects sales to incresse st the rate of 20 percent per month. All accounts receivable are collected in the month following the sole. a-2. Bosed on the following information, prepore a purchsses budget and a schedule of cosh poyments for inventory purchoses for October, November, and December. The inventory balance as of October 1 was \$50,000. Cost of goods sold for October is expected to be $82000. Cost of goods sold is expected to incresse by 20 percent per month. The compony expects to maintsin o minimum ending inventory equal to 30 percent of the current month cost of goods sold. Seventy-five percent of accounts poysble is poid in the month that the purchsse occurs; the remaining 25 percent is poid in the following month. a-3. Bosed on the following selling and administrative expenses budgeted for October, prepore a selling and administrative expenses budget for October, November, and December. Cosh payments for soles commissions and utilities are mode in the month following the one in which the expense is incurred. Supplies and other operating expenses are poid in cosh in the month in which they are incurred. Complete this question by entering your answers in the tabs below. Based on the following information, prepare a sales budget and a schedule of cash receipts for October, November, and December. Sales for October are expected to be $335,000, consisting of $60,000 in cash and $275,000 on credit. The company expects sales to increase at the rate of 20 percent per month. All accounts receivable are collected in the month following the sale