Solve the below:
Q1. Calhoun Inc has forecast purchases on account to be $310,000 in March, $370,000 in April, $421,000 in May, and $499,000 in June. Seventy percent of purchases are paid for in the month of purchase, the remaining 30% are paid in the following month. What are budgeted cash payments for April?
Q2. Carlton has forecast sales to be $212,000 in February, $276,000 in March, $297,000 in April, and $315,000 in May. The average cost of goods sold is 60% of sales. All sales are made on credit and sales are collected 55% in the month of sale, 30% the month following and the remainder two months after the sale. What are budgeted cash receipts in April?
Q3. Albertville Inc produces leather handbags. The production budget for the next four months is: July 5,400 units, August 7,600, September 8,100, October 8,300. Each handbag requires 0.3 square meters of leather. Albertville Inc's leather inventory policy is 35% of next month's production needs. If the leather policy is met, what will the July 1 inventory be?