15. Which budget is prepared first in the master budgeting process? a. Sales budget. b. Production budget. c. Cash budget. d. Selling & Administrative budget. e. The budgets can be prepared in any order. 16. Crosby Company expects to sell 15,000 units during the quarter. Each unit requires two pounds of raw materials at $7 per pound. Inventories at the beginning of the quarter are as follows: raw materials - 2,000 pounds; finished goods - 1,000 units. The desired inventories at the end of the quarter are as follows: raw materials = 1,000 pounds: finished goods = 2,000 units. What is the planned raw materials purchases in dollars for the quarter? Use the following information to answer questions 17 - 18: The following is Silver Company's sales budget for the second quarter given below (all sales are on account): April Budgeted sales $400,000 May $500,000 June $600,000 Total $1,500,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $200,000, and March sales totaled $300,000. 17. What are the May cash collections projected to be? 18. What is the June 30 Accounts Receivable balance projected to be