1. Grant needs to prepare a full set of budgets for June: a. Revenue budget. b. Production budget in units. C. Direct material usage budget and direct material purchases budget. d. Direct manufacturing labour cost budget. e. Manufacturing overhead cost budgets for processing and setup activities. f. Budgeted unit cost of ending finished goods inventory and ending inventories budget. g. Cost of goods sold budget. h. Marketing and general administration costs budget. Grant knows that 80% of sales are on account, of which half are collected in the month of the sale, 49% are collected the following month, and 1% are never collected and written off as bad debts, which has an impact on net revenues. In addition to this, all purchases of materials are on account. Yummi-Lik pays for 70% of purchases in the month of purchase and 30% in the following month. However, all other costs are paid in the month incurred. Knowing this, Grant has to create 2. A cash budget for Yummi-Lik for June. 3. A budgeted income statement for June and a budgeted balance sheet for Yummi-Lik as of June 30. The following information is necessary: i. Yummi-Lik's balance sheet for May 31 follows. Use it and the following information to prepare a cash budget for Yummi-Lik for June. ii. Yummi-Lik is making monthly interest payments of 1% (12% per year) on a $20,000 long-term loan. iii. Yummi-Lik plans to pay the $500 of taxes owed as of May 31 in the month of June. Income tax expense for June is zero. iv. 40% of processing and setup costs, and 30% of marketing and general administration costs, are depreciation