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C TV BNIM PROBLEM 3 (20 points) Caribbean Tool and Die Company's forecasted sales for April; May: June; and July are $150,000; $225,000 $180,000; and $210.000; respectively. Sales are 50% cash and 50% credit with all accounts receivables collected in the month following the sale. Cost of goods sold is 60% of sales and ending inventory is maintained at $85,000 plus 20% of the following month's cost of goods sold. All inventory purchases are paid 20% in the month of purchase and 80% in the following month. 1) What are the cash collections budgeted for June? 2) What are the budgeted cash payments in June for inventory purchases? 3) What is the balance of accounts payable on the June 30 budgeted balance sheet