Problem $1.(40$ points$)$ Company ABC has adopted the following policies regarding merchandise purchases and inventory. At the end of any month, the inventory should be $$15,000$ plus $90\%$ of the cost of goods to be sold during the following month. The cost of merchandise sold averages $60\%$ of sales. Purchase terms are generally net, $30$ days. A given month's purchases are paid as follows: $25\%$ during that month and $75\%$ during the following month.Purchases in May had been $$150,000$ and the inventory on May $31$ was higher than planned at $$210,000.$ The manager was upset because the inventory was too high. Sales are expected to be June, $$300,000$; July, $$290,000$; August, $$340,000$; and September, $$395,000\mathrm{.}1.$ Compute the amount by which the inventory on May $31$ exceeded the company's policies $(10$ points$)\mathrm{.}2.$ Prepare budget schedules for June, July, and August for purchases and for disbursement for purchases $(30$ points$).$