Q1 The sales budget for Tiger Trading for April to July 2008 shows: Units April 60 000 May 55 000 June 65 000 July 62 000 l Management requires that beginning inventory represents 80% of that month’s sales l Purchase price is $10 per unit Required : Prepare the purchases budget for the coming year ending 30 th June 2008 Q2 Orlando Groceries’ estimated sales for October to February are: $ October 72,000 November 69,000 December 81,000 January 75,000 February 72,000 The mark up on cost is 20%. Management requires that beginning inventory is to be 60% of that month’s cost of sales plus 40% of the next month’s cost of sales Required: Prepare a purchases budget for the 3 months ending 31 st December