M.Acct 211 Second in class Assignment Q1- Budgeting The following are Virginia trading estimated sales during March, April, May and June 2018: - March - April - May - June $ 12,000 $ 15,000 $ 17,000 $ 19,000 Cash receipts from customers are expected to be %50 in the month of sale and %50 in the month following the sale. The company maintains ending inventory of $ 2,000 plus 5% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 20% of sales revenue. Requirements: 1. Prepare the company's budgeted cash receipts for April and May. 2- Prepare the company's budgeted purchases for April and May