The cost of goods sold is 80 percent of sales. The company desires to maintain a minimum ending inventory equal to 30 percent of the next month's cost of goods sold. (Ending inventory for December is based on budgeted January Year2 sales.) Assume that all inventory purchases are made on account (on credit). The company pays 40 percent of accounts payable in the month of purchase and the remaining amount in the following month. In excel, prepare an inventory purchases budget and a cash payments budget for inventory purchases. Use the check figures below before you continue. 1o0y Puaa Oodebr oer eotalOr ventory Purchases udgeted cost of goods sold lus desired ending inventory October Total-Qtr needed ess beginning inventory ccount) d. Cash ayme Payment for prior month's payments October November December Total-Qtr current m Total budgeted payments