Complete a master budget with the following information: ABBOTT, INC. Minimum ending cash balance Cost of Goods Sold $($as a percentage of sales$)$ Gross margin $($as a percentage of sales$)$ Recent and forecast sales $($in units$)$: March $($actual$)$ April May June July Desired ending inventories $($percentage of next month's cost of goods sold$)$ Purchases paid as follows: In month of purchase In following month Collection on sales: Cash sales Credit sales All payments on credit sales are collected in the month following the sale. Variable monthly expenses: Shipping expenses $($as a percentage of sales$)$ Other expenses $($as a percentage of sales$)$ Fixed monthly expenses: Wages and salaries Advertising Depreciation $($per quarter$)$ Equipment purchased in April Equipment purchased in May Dividends declared each quarter $($paid at the end of Qtr$.)$ Balance sheet at March $31$: Assets Cash Accounts receivable Inventory Fixed assets, net of depreciation Total assets Balance sheet at March $31$: Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total liabilities and stockholders' equity Agreement with Bank: Maximum borrowing amount Repayment increments Required minimum cash balance Interest rate $($per month$)($not compounded$)$ If able the company will pay the loan plus accumulated interest at the end of the quarter.