ABC Inc. sales in December were $200,000, the company budgeted sales revenues to increase by 10% every month. Cash sales are 30% \& Credit sales are 70%. Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 39% will be collected in the following month, and 1% is uncollectible. ABC maintains inventory of 1,000 plus 20% of the COGS for the following month. COGS equal 45% of sales Revenue. Purchases of inventory are all on credit and 60% is paid in the month of purchase and 40% in the month following purchase. December End. Inventory $32,250. Expenses of the company: Rent expense is $3,500 a month paid as incurred. Salaries expense $12,000 a month paid 50% same month and 50% following month. Utility expense $700 a month paid following month. Sales commission expense is 10% of sales paid same month. Insurance expense $600 a month paid at the beginning of the quarter. Depreciation expenses is $12,000 for the year. Maintenance expense is 5% of sales. Required: For the first quarter (January + February + March) 2-Irventory, Purchnses, and cocs budget Jan Feb March Totil 3- Operating expenses budget. \begin{tabular}{|l|c|c|c|c|} \hline 3- Operating expenses budget. & Jan & Feb & March & Total \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular}