Young is a retaller of assorted baby products. The sales forecast for the coming months is: April Revenues $184,000 May $207,000 Jane $224,000 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. Apre 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 4 Ending Inv Beginning Inv Purchases April % May % June July August