Young is a retailer of assorted baby products. The sales forecast for the coming months is: April Revenues $182,000 May $205,000 June $215,000 July $247,000 August $233,000 Young's cost of sales averages 60% 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 $26.400. a. Prepare a purchases budget for as many months as is possible. Sales i Cost of Sales Percentage Cost of Sales Ending Inv Beginning Inv Purchases April May % % b. Prepare a cash payments budget for April through July, April May From This Month From Last Month Cash Payments $ 0 $ 05 June July August % % June July 0