b. Sales data the company's sales for September 2021 are expected to be $1,500,000 and it is expected that it will increase by 12.5% each month over the previous month for the quarter ending December 31, 2021. Sales are expected to remain constant after December 31, 2021. C. Collections - credit sales are typically 60% of total sales. Outstanding amounts from sales are normally collected as follows: i. 75% during the month of sale ii. 25% during the month after sale d. Cost of goods sold - this is normally 70% of total sales. To have adequate stocks of inventory on hand, the company attempts to have inventory at the end of each month equal to half (50%) of the next month's projected cost of goods sold. Inventory is purchased on account and usually settled as follows: i. 45% during the month of purchase ii. 55% during the month after purchase e. Other monthly expenses: $ Expense type Salaries & wages Marketing & Distribution Administrative Costs Depreciation of Equipment Sales Commission 150,000 120,000 150,000 35,000 2.5% of total sales f. Equipment is to be purchased on October 1, 2021 for $1,200,000 on hire-purchase and paid for in 12 months monthly installment starting in December 2021. g. The directors have indicated an intention to declare and pay dividends of $120,000 on the last day of each quarter. h. The executives believe that the company should maintain a minimum opening bank balance of $500,000 starting October 2021. If the opening bank balance in any month following October is less than $500,000, then the company can borrow to cover the shortfall. Amounts borrowed must be in multiples of $1,000 (for example, $20,000 or $21,000 but not $20,500 or 21,750). The interest rate is 12% per annum. Repayment of principal and interest must be made on the last day of each quarter. i. Tax payable represents 25% of Profit before Tax and will be paid April 30, 2022. Required: Prepare the following budgets for Jason Company Ltd by month and the quarter in total for the period ending December 31, 2021: (a) Schedule showing breakdown of sales between cash and credit (Hint: show September 2021 and January 2022 as well). (16 marks)