Young is a retailer of assorted baby products. The sales forecast for the coming months is: April Revenues $176,000 May $203,000 June $216,000 July $242,000 August $233,000 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 60% in the month of purchase and 40% 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 Juna July August Sales Cost of Sales Percentage % % % % Cost of Sales Ending Inv Beginning Inv Purchases b. Prepare a cash payments budget for April through July. Emm This Month April May June July