Budget Question Management has provided the following operations information to aid in the preparation of a budget for the quarter starting in March 20xx. 1. Selling Price 100 per unit 2. Standard material Cost 60 per unit 3. Inventory policy-10% of the next month's demand to be held at the end of every month (note: production starts as at 1st Mar). 4. Assembly, Packing & Distribution Cost-Each unit takes 3 hours to machine, assemble, pack & dispatch. Direct labour costs 5 per hour. 5. Fixed costs estimates for March: Sales & Marketing 40,000/month Depreciation 10,000/month Admin 30,000/month The company aim to employ a graduate marketing trainee in May who will be paid a salary of 24,000 per annum. National Insurance & pension costs are estimated at 25% 6.50% of sales will be paid in cash immediately and 50% will be paid in the month following the month of sale 7. All purchases and expenses will be paid in the month they were bought 8. Sales forecast (units) March: 2000 April: 3000 May: 5000 June: 5000 9. Most of the plant and machinery has been purchased and paid for but a further 30,000 will need to be paid in April for the purchase of a packing machine due to the Increase in demand Using the above Information, produce a sales budget, an inventory budget, a production budget, a labour and materials budget, an income statement budget and a cash flow budget.