B On January 1st 2024, the Marcy D'arcy Bank loaned Bundy $500,000 to start his business This 6% loan only required interest payments in 2024 which is NOT included in the fixed costs of making the shoes. Al Bundy has made the following projections for the first quarter of 2024 Sales ($27 per pair of shoes) January February March April 10000 pairs 14000 pairs 17000 pairs 17000 pairs Bundy expects to collect 80% in the month of sale 18% in the next month and have 2% bad debt The Cost of making the Bundy Shoe LABOR MATERIALS VARIABLE OH FIXED OH 1 hour at $8 per hour 1/2 paid in month incurred rest paid next month 75% paid in month incurred rest in next month all paid in next month 2 square feet $2.50 per square foot variable oh fixed overhead $2 per pair January February March April $12,000 $12,000 $23,000 includes taxes of $9000 12,000 Bundy wants ending inventory of 10% of next month's projected sales Bundy wants ending raw materials of 15% of next months usage Bundy wants an ending cash balance of at least $50,000 Bundy can borrow up to $75000 more from the Marcy D'arcy Bank FOR THE FIRST QUARTER OF 2024 A) PREPARE A RAW MATERIALS BUDGET FOR EACH MONTH BOTH IN UNITS AND DOLLARS B) PREPARE A MONTHLY PRODUCTION BUDGET BOTH IN UNITS AND DOLLARS C) PREPARE A MONTHLY LABOR BUDGET IN HOURS AND DOLLARS D) PREPARE A CASH BUDGET FOR EACH MONTH E) PREPARE A QUARTERLY INCOME STATEMENT FOR THE FIRST QUARTER 2024....BUNDY USES FIFO INVENTORY BUDGET standard