Young is a retailer of assorted baby products. The sales forecast for the coming months is: Revenues April $177,000 May $207,000 June $224,000 July $247,000 August $230,000 Young's cost of sales averages 70% of revenues. The inventory policy is to carry 30% 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 $27,400. a. Prepare a purchases budget for as many months as is possible. Sales Cost of Sales Percentage Cost of Sales Ending Inv Beginning Inv Purchases April May % % b. Prepare a cash payments budget for April through July. June July % August %