Budgeting Assumptions Milo-Freeze Company manufactures and sells a product that has seasonal Ir.rarlallons In demand, wllh peak sales coming in the third quarter. The following information concerns operations for Year 2 the coming year~ and for the rst two quarters of Year 3'. a] The company's single product sells for 51!} per unit. Budgeted sales in units for the next six quarters are as follows: Year 2 Duarter Year 3 Quarter ---- Bu eteo unit sales Ill} DUI] Eli DUI] 1DI] DDI] 5|] [Hill] 711] Illl Bl} DUI] h} Sales are collected in the following patient: TEE: in the quarter the sales are made. and the remainlng 25% in the following quarter. [in January 1, Year 2, the company's balance sheet showed season In accounts receivable, all of which will be collected by the end of rst quarter. Bad debris ere negigible and can be ignored. c} The company desires an ending inventory of nished units on hand at the end oi each quarter equal to 3M5 of the budgeted sales for lhe next quarter. {In December 31, Year 1. the company had iliili units on hand. d] Six pounds of raw maten'ets are required to complete one unit of prophet. The company requires an ending inventory of raw materials on hand at the end of each quarter equal to 1MB of the production needs of the following quarter. {in December 31, Year 1, the company had 231}an pounds of raw materials on hand. e] The raw material costs $0.312] per pound. Purchases of raw material are paid for in the iolowing paltem: 611% paid in the manor the purchases are made, and the remaining 4MB paid In the following quarter. On January 1, Year 2, the company's balance sheet showed $815M In accounts payable for raw material purchases, all of which will be paid for in the rst quarter oithe year. Can you please help me satisfy the following requiements in a spreadsheet? Prepare the following budgets and schedules for the year, showing both quarterly and total figures: 1. A. sales budget. 2. A. cash collections budget. 3. A. production M9111. 4. A W budget. 5 Cash payments for purchases of materials schedule