Chow Corporation manufactures children's chairs made of PVS plastic tubing and heavy canvas material. The following information is needed to help the company prepares its budget: 1. Budgeted sales are 20,000 chairs for June, 25,000 chairs for July and 30,000 chairs for August. 2. The selling price is $40 per chair. 3. All sales are credit sales, where 70% of the of the sales are collected in the month of sale and the remaining 30% in the month following the sale. 4. Ending finished goods inventory is budgeted at 10% of the current month's sales. 5. Ending materials inventories are budgeted at 10% of the current month's production. 6. Each chair requires eight feet of the PVC tubing, 7. The cost of PVC tubing is $2 per foot. All purchase made to suppliers are credit purchase, where Chow will fully pay on the month after the purchase. Required: 1. Prepare a sales budget for June, July, and August. 2. Prepare a cash collection budget for July and August. 3. Prepare a production budget for each of the months of June, July and August. Assume the beginning inventory of chairs in June will be 2,500 units. 4. Prepare schedules showing purchase requirements for PVC tubing for each of the months of June, July and August. Assume 16,000 feet of PVC tubing are on hand at the beginning of June. 5. Prepare a cash payment budget for PVC purchase for June, July, and August