Young is a retailer of assorted baby products. The sales forecast for the coming months is: Revenues April $184,000 May $206,000 June $218,000 July $244,000 August $231,000 Young's cost of sales averages 60% of revenues. The inventory policy is to carry 20% of next month's sales needs. April 1 inventory will be as expected under the policy. Young pays for purchases 70% in the month of purchase and 30% the following month. Accounts payable on April 1 is $29,400. a. Prepare a purchases budget for as many months as is possible. April May June July August Sales X 60% Cost of Sales Ending Inv Beginning Inv Purchases b. Prepare a cash payments budget for April through July. April May June July From This Month From Last Month Cash Payments