ACG 2071 Chapter 9-Budgeting Review Problem C&C Music Factory is preparing a master budget for 2019. Relevant data pertaining to its sales and production budgets are as follows: 937777777777777 Sales for the year are expected to total 1,200,000 units. Quarterly sales as a percentage of total sales, are expected to be 20%, 25%, 30%, and 25%, respectively. The sales price is expected to be $50 per unit for the first three quarters and $55 per unit for the fourth quarter. Sales in the first quarter of 2020 are expected to be 10% higher than the budgeted volume for the first quarter of 2019, Of all sales, 10% are cash sales and the remaining 90% each quarter are credit sales of the credit sales, SO% of the credit sales are collected in the same quarter as the sale with 40% collected the following quarter, and 10% is deemed to be uncollectible. The Accounts Receivable Balance at 1/1/19 was $200,000 before uncollectible accounts were written off. Management desires to maintain an ending finished goods inventory each quarter at 25% of the next quarter's budgeted sales volume. Each unit is purchased from the vendor at $10 per unit, and all are purchased on credit of the inventory purchased each quarter, 60% of the credit purchase is paid for within the same quarter, and 40% is paid by the following quarter. The balance in accounts payable as of 1/1/19 was $75.000 1. Prepare a sales and cash collections budget for 2019 2. Prepare a purchases and cash disbursements budget for 2019 ISSSSSS55555