Budgeting/Flex Budgeting JackJoe, Inc. manufactures and sells toy mice. All of the company's sales are on credit and half is collected during the quarter of the sale and the remainder in the following quarter. The assumed beginning finished goods inventory is in accordance with the assumption below. There are no budgeted sales in Q2 20x1. Other assumptions are as below. 1. Create a sales budget for Q3 and Q4 showing all necessary variables. (5 points). 2. Create a production budget for Q3 and Q4 (please select a required ending inventory between 26% and 61%. (5 points). 3. Prepare a cash receipts budget for Q3 and Q4 showing all required variables. (5 points). 4. What are three assumptions that could be changed to increase cash receipts in Q3. Please describe the assumption change and how this would impact cash receipts (5 points). You may use electronic spreadsheets for calculation purposes, but please upload a pdf of your handwritten work. Assumptions Units sold Sales price per unit Q3 20x1 Q4 20x1 Q1 20x2 110,000 60,000 25,000 $10.00 $10.00 $10.00 Required ending finished goods Inventory of next Quarter sales X% X% X%