Spelling Company has the folwing sales projection (in units) for the next six months Feb: 9500 Mar: 10500 Apr: 8500 May: 12000 Jun: 10000 Jul: 7500 12:23 Each unit sells for $40 Spelling has prepared the following sales budget for the quarter of Aonl May and June Sales Budget April 8500 x $40 $340000 May 12000 x $40 $480000 Total Sales in units x $40 Sales revenue 400000 $1220000 cost of goods sold is 80% of its sales revenue. The company has a polcy that it keeps 20% of next months budgeted oost of goods sold as ending i vento y The pany had exacty the budgeted amount of inventory on hand at April 1 Prepare a purchases budget on paper or, PREFERABLY, in Excel for the quarter of April, May and June. (t you build your schedule using formulas in expel, mulsiple atempts will be much faster.) What is the cost of inventory at April 1 (Beginning inventory) What is the budgeted cost of purchases in June? What is the desired cost of inventory at the end of the quarter