based on the following information, prepare a purchases budget and a schedule of cash payments for inventory purchases for october, november, and december. the inventory balance as of october 1 was $40,000. cost of goods sold for october is expected to be $72,000. cost of goods sold is expected to increase by 10 percent per month. the company expects to maintain a minimum ending inventory equal to 20 percent of the current month cost of goods sold. seventy-five percent of accounts payable is paid in the month that the purchase occurs; the remaining 25 percent is paid in the following month. show less inventory purchases budget october november december budgeted cost of goods sold $72,000 $79,200 $87,120 plus: desired ending inventory 14,400 15,840 17,424 inventory needed 86,400 95,040 104,544 less: beginning inventory 40,000 required purchases (on account) $46,400 $95,040 $104,544 schedule of cash payments payment of current months' accounts payable payment for prior month's accounts payable total budgeted payments for inventory $0 $0 $0