ring 2020 Seved Help Save Required information The following information applies to the questions displayed below! Hamby 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. Hamby Corporation talance sheet Can ACS Fevale twory Total assets Listin and more quity $72.00 128.00 69,900 210. $ 478, 17. . The company managers have made the following additional assumptions and estimates 1. Estimated sales for July August September and October will be $200,000 $310.000 $100,000 and $320.000, respectively, 2. All sales are on credit and all credit sales are collected Each month's credere conected in the month of de and in the month following the sale. Al of the accounts receivable at one will be collected is 3. Each montsending inventory mustulos of the cost of nest months. The cost of goods sold is 70% of soles. The company as foron of its merchandise purchases in the month of the purchase and the remaining Gos in the month foowing e purchase. All of the accounts payable at June wit be paid in July 4 Monthly engadive expenses are always $54.000 Each month $5,000 of the total amount is depreciation pense and the remaining 540.000 relates to expenses that are pad in the month they are curred 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended Sepers The company does not plan to issue any conmon stock or repurchase its own stock during the quarter ended September 30 How much is the Company's expected merchandise purchases in month of September