Thompson Industries is a reseller of camping gear. It carries approximately 40 different products with an average price of $170. Its cost per unit is $80 per unit. The president of the company is a little concerned with cash flow these days, and is looking to budget the next six months. Below is information relevant to the budget: Other relevant information: - The desired ending inventory balance is expected to be 35% of next month's sales. - 10% of all sales are cash. Of the remaining 90%,50% are collected in the next month, 40% are collected in the month thereafter, and 10% in the next month. - 5% of all purchases are paid in cash in the month of purchase. Of the remaining purchase requirements, 40% are paid in the next month, 45% in the following month, and 15% in the month thereafter. - The opening balance in inventory on January 1 is 32,426 units Required 1. What are the budgeted cash collections in April? (5 marks) 2. What is the budgeted accounts receivable balance at the end of May? (5 marks) 3. What is the budgeted accounts payable balance at the end of June