c) Comfort Ltd manufactures and sells a single product called Adepa. The business is preparing its semi-annual budget from July to December for the year 2021. The following standard revenue and cost data is available. Selling price Materials cost Labor cost Direct expenses GH20 per unit 3 kg per unit at GH2.5 per kg 0.6 hours per unit at GH4 GHe 1.2 per unit Sales in May, June and July, 2021 are forecast to be 12,000 units in each of the three months. As a direct result of marketing expenditure of GH8,000 in August 2021, sales are expected to be 11,000 units in August 2021, and to increase by 10% in each month from September to December, 2021. Sales after December 2021 are expected to remain at the December 2021 level. From business history, the management of Comfort Ltd has determined the following to be the pattern by which sales revenues are received: Twenty-five percent (25%) of sales are received in the month during which the sales occur; 30% of sales are received in one month following the month of sale; 30% of sales are received in two months following the month of sale; and 12% of sales are received in the third month following the month of sale. The remaining percentage of sales revenue is expected to be uncollectible. Inventories of finished goods at the end of each month are planned to be 20% of the expected sales for the following month. Inventories of materials at the end of each month are planned to be 50% of the material required for the following month's production. Inventory of finished goods at the close of June 2021 is expected to be 1.800 units, while inventory of raw materials at the close of June 2021 is expected to be 9,200 kg. 1 Materials are paid for in the month following purchase. Labor and direct expenses are paid for in the month in which they occur. Overheads for production, administration and distribution is expected to be GH34,000 per month, which amount includes a depreciation charge of GH 12,000 per month. These overheads are payable in the months in which they occur. The firm pays interest twice per year, in March and September at GH6,000 in each of the two months. The cash balance at the end of June 2021 is expected to be GH60,000. Required: Prepare, on a month-by-month basis for the six-month period from July to December 2021, the following budgets: i. Sales budget ii. Production budget Raw materials budget Direct expenses budget v. Overhead budget Budgeted income statement Cash budget 111. IV VI. vii