Below is the 2022 second quarter cash budget for Omni company, a wholesale distributor of consumer goods. Additional information: a) The sales budget was as follows: b) Cash collections were as follows: Schedule of expected cash collections: credit sales are collected in the month following sale 140% of the preceding month's sales. "Given. -) Marrhandice nurrhacec hudeet: 1 For April sales: $60,000 sales 75% cost ratio =$45,000. 2 At April 30:$54,00080%=$43,200. At June 30: July sales $48,00075% cost ratio 80%=$28,800. - Given. d) Schedule of expected cash disbursements-merchandise purchases. One-half of a month's inventory purchases is paid for in the month of purchase; the other onehalf is paid for in the following month. given e) Opening capital was $120,000 plus the $1500 acquired this quarter f) Depreciation is $900 per month and includes depreciation on new assets g) Quarter end Accounts Receivable are based on 40% of June's sales. h) Quarter end Accounts Payable are based only on Purchase disbursements due from June. i) Common stock is $150,000 j) Retained earnings at the beginning of the quarter are $12,250 1. Using the Excel template provided, prepare an absorption costing income statement the quarter ended June 30 , You can provide a single/collapsed cost of goods sold number or an expanded cost of goods sold section. Include a column in the Excel Income Statement to explain or reference where your numbers come from or how they are generated if extra clarity is required