1: Judith Limited retails cosmetic products in the Asian Region. The company has approached its Bankers to provide funding for next year's operations. The Bank has requested for latest three months master budget, to review the company's performances before approving the funding allocation. Following data as at year end 31st December 2021 supplied as below. Total ($) Trade Receivables 46,000 Bank balances 110,000 Fixed Assets at cost 1,396,000 Provision for depreciation on fixed assets 196,000 Trade Payables 96,000 Operating expenses for Dec 2021 120,000 Sales for Dec 2021 800,000 Closing Inventory at 31 Dec 2021 40,000 Retained Eamings 240,000 The following additional information was also provided to assist your work. i) Depreciation is provided at the rate of 5% per annum on cost of non-current assets. ii) Closing inventory is expected to increase by $4,000 in January from December levels. This is expected to increase by the same figure in February from the projected figure in January. It is expected that in March closing inventory is desired to be 52,000 153 35 iv) v) vi) vii) The company makes a profit of 25% on its sales (GPM). Operating expenses is expected to increase by 10% from that of December and this is projected to increase at the same growth rate to March. Sales is projected to grow by 15% every month from December sales. The trade receivables figure is desired to be proportional to the sales values. Trade payables value for the three months are expected to be as follows January $100,000, February $92,000 and March $104,000 REQUIRED: You have been approached by the management as a consultant, to illustrate the 1st quarter monthly budget (Jan 2022 - March 2022) for the banker's consideration for its next year's operations. a) The budgeted Income Statement for each of three months. b) The budgeted Statement of Financial Position for each of three months. c) The Cash Budget for each of three months