3.(a) Muddy Waters Industries has projected sales of its product for the next 6 months: January 300 units February 700 units March 1,000 units Ap 400 units May ,000 units June 300 units Each unit is sold at S10 per unit. The cost of goods sold is typically 40% of the month's budgeted sales revenue. Muddy Waters tries to maintain a Finished Goods ending inventory equal to the 60% of next month's cost of goods sold. January beginning inventories are expected to conform to company policy. Prepare a purchase budget for March, and April 3. (b) The selling and administrative expense budget of Ruffing Corporation is based on budgeted unit sales, which are 4,000 units for February. The variable selling and administrative expense is $8 per unit. The budgeted fixed selling and administrative expense is $78,000 per month, which includes depreciation of $10,000 per month. The remainder of the fixed selling and administrative expense represents current cash flows. The cash disbursements for selling and administrative expenses on the February selling and administrative expense budget should be