(b) Accounts Payable Policy Allow for: 25% of purchases to be cash purchases 50% of purchases to be paid for in the month of purchase 25% of purchases to be paid for one (1) month after purchase (c) Closing Inventory Policy Raw Materials- Should be 10% of the following month's production needs Finished Goods - Should be 20% of the following month's sales The expected raw materials inventory on December 31,2024 , is 2,448 The expected finished goods inventory on December 31,2024 , is 1,220 units 5. Standard cost - Manufacture Overhead The production manager is unsure as to how to go about estimating manufacturing overheads but has compiled the following data relating to prior periods. Use regression analysis to derive a cost function for manufacturing overhead cost. Manufacturing overheads are paid in the month incurred. Included in the monthly manufacturing overhead costs is $15,000 depreciation for property, plant and equipment. 6. Administration cost (all fixed) Roughly 75% of these expenses are paid for in the month incurred and 25% in the following month. There is no outstanding payment for administrative costs expected for December 31 . 2023 . 7. Selling and Distribution Budget (semi-variable) All selling and distribution costs are paid in the month incurred. 8. Financing Activities The company plans to borrow $200,000 in January 2024 and repay this amount along with the incurred interest in July 2024. All borrowings take place at the beginning of a month, and all repayments are made at the end of a month. The annual interest rate is 10%. 9. The Statement of Financial Position as at 31 " Decenaber 2023 is as follows: 1. Prepare the following budgets for EcoSun Solutions by month and in total for the year ending December 31, 2024: (a) Sales budget. (16 marks) (b) Schedule of cash collected from customers. (22 1/2 marks) (c) Production budget. (221/2 marks) (d) Direct-material usage and purchases budget. (34 1/2 marks) (e) Schedule of cash disbursement to suppliers for direct material. (22 1/2 marks) (f) Direct labour budget. (15 marks)