Young is a retailer of assorted baby products. The sales forecast for the coming months s Ressurs $104,000 $207,000 April Hay June 0224,000 July $245,000 August $233,000 Young's cost of sales averages 70% 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 60% in the month of purchase and 40% the following month. Accounts payable on April 1 is $24,400. 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 % Juna July % August b. Prepare a cash payments budget for April through July. From This Month From Last Month Cash Payments $ April 0 $ May 0 $ June 0 $ July 0