Adams Company, a merchandising firm that sells one product, estimates it will sell 12,000 units of its product at 60 per unit in December. In November, the company prepared other information to prepare a budget for December, as shown here: Merchandise inventory, December 1 2,000 units Desired merchandise inventory for December 31 3,000 units Cost per unit of merchandise purchases 40 Selling and administrative expenses 200,000 Cash balance, December 1 30,000 November sales 600,000 The company estimates that 60% of each month's sales are collected in the month of sale and that the remaining 40% is collected in the month after sale. The 200,000 of seling and administrative experses includes 40.000 of depreciation. The company pays for half of merchandise purchases during the month of purchase and pays the remainder during the month following purchase. Estimated merchandise purchases for November are 340,000 All other out-of-pocket expenses are paid for in cash. Required: a) How many units of merchandise will Adara budget to purchase in December? What is the dollar amount of Adams' budgeted merchandise purchases for December? Enter your answer here b) Prepare a budgeted income statement for the month ended December for Adams Company. Enter your answer here. c) Prepare a statement of estimated cash flows for the month ended December for Adams Company Enter your answer here. d) (4 points) Determine the amounts of accounts receivable and accounts payable at the end of December