Could someone please help me? The questions for this problem begin with determine and prepare. (A,B,C,D,E,F) Thank you! No one seems to be able to solve this complicated question

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- RE w PART TWO Cash flow and Financing Before leaving, Joyce advised Royce that there is a need for better forecasting regarding the company's cash inflows and outflows. After a series of questions, you determined that (1) the company had not prepared a cash budget for several quarters and (2) is not up to date on its payables and receivables. You are going to prepare a forecasted income statement and a forecasted cash budget for the fourth quarter. Pertinent information needed has been collected and is outlined below. Pertinent Information: The business manager/accountant and Royce provided projections pertaining to the 2nd quarter (April through June 2020) and other information outlined below: 1. Total sales 2nd quarter: 2,500 3-piece set; Sales price is $900/3-piece set 2. Total Sales for the 3d quarter are projected to increase 8.5% above the 2 quarter total sales due to an aggressive marketing program that began June 1, 2020. Total quarter sales per month are expected to be realized as follows: 40% in July, 35% in August, and 25% in September. The sales budgets expressed in sales dollars and in the number of furniture sets sold are as follows: July August September TOTAL QTR PROJECTED SALES REVENUE SALES 8.5% increase) $610,313 $854,438 $976,500 $2.441,250 SALES. PRICE X QUANTITY $610,313 5854,438 $976,500 $2.441 250 Number of Furniture Sets Sold July August September TOTAL QTR Number of Furniture Sets Sold 678 949 1,085 2,713 3. Monthly Sales are dassified as follows and realized in corresponding percentage: a. Cash sales 35% of total sales b. Credit sales 65% of total sales 4. Monthly credit sales are collected as follows and in the corresponding proportion: Collected in the month of the sale, 60% b. Collected one month after the sale month 25% c Collected the second month after the sale month, 15% 5. Cost Classifications based on 2nd quarter information: Product Costs Fixed Costs Variable Costs S ? 570,000 Raw Materials Cost (See corrected COGS Schedule in Part 1, Required #1) Direct Labor Overhead: Rent-Factory Indirect Labor Insurance - Factory (66 2/3%) Utility-Factory (50%) Depreciation-factory building $ 250,000 84,000 20,000 30,000 9,000 91,000 Period Costs Advertising expense Selling & Administrative Wages and Salaries Utility-Selling & Administrative (50%) Insurance-Administrative (33 1/3%) Depreciation Administrative 90,000 8,400 270,000 135,000 3,600 11,000 135,000 I 6. I All Factory overhead and administrative expenses (except depreciation) are paid in cash in the month the cost is incurred. 7. Direct labor is paid at the end of the month 8. Raw material purchases are paid as follows: 60% in the month of the purchase, 20% the month after the purchase, and 20% in the second month following the purchase. The raw mate budget is as follows: July August September TOTAL QTR PROJECTED RAW MATERIAL PURCHASES $745,395 NEEDED FOR SALES DESIRED ENDING LESS BEGINNING PURCHASES $186 349 46,587 1258.000) 579,936 5260,888 65.222 040 58 $2792523 5298 58 74,540 (65222) $307475 5566 935 9. Aditional monthly option paid in cash include Property taxes, due Aug 1, 52,950 Employee payroll taxes due September 30, $3,000. You have determined that you are going to provide the following information to Joyce and Royce Determine the variable cost PER 3-piece furniture set for EACH variable cost identified in the table above in 5. b. Prepare a contribution margin income statement for the total 2 quarter and for the projected total 3* quarter. (Refer to "a" above and the table in #5) c. Prepare a projected traditional multi-step income statement for the total 3 quarter. (See Part 1, Required 12 and Ethibit 01). HINT: You will need to prepare a detailed schedule of cost of goods sold for the quarter. Additional information needed is below: July 1 September 30 Raw Materials 5204,000 566,780 Work in Process 84,000 75,600 Finished Goods 288,000 259,200 d. Prepare a schedule of projected cash collections from credit sales for each month of the 3M quarter Relevant prior months credit sales: May credit sales, $368,720 June credit sales, $331,840 e. Prepare a schedule of projected cash payments for raw materials for each month of the 3 quarter Relevant prior months' credit (on account) purchases May purchases on account, $344,100 June purchases on account, $309,720 Prepare a projected cash budget for the total 3 quarter. Your budget should include a monthly budget for each of the three months in the quarter The cash balance on July 1, 2020 is 51,270,000 - RE w PART TWO Cash flow and Financing Before leaving, Joyce advised Royce that there is a need for better forecasting regarding the company's cash inflows and outflows. After a series of questions, you determined that (1) the company had not prepared a cash budget for several quarters and (2) is not up to date on its payables and receivables. You are going to prepare a forecasted income statement and a forecasted cash budget for the fourth quarter. Pertinent information needed has been collected and is outlined below. Pertinent Information: The business manager/accountant and Royce provided projections pertaining to the 2nd quarter (April through June 2020) and other information outlined below: 1. Total sales 2nd quarter: 2,500 3-piece set; Sales price is $900/3-piece set 2. Total Sales for the 3d quarter are projected to increase 8.5% above the 2 quarter total sales due to an aggressive marketing program that began June 1, 2020. Total quarter sales per month are expected to be realized as follows: 40% in July, 35% in August, and 25% in September. The sales budgets expressed in sales dollars and in the number of furniture sets sold are as follows: July August September TOTAL QTR PROJECTED SALES REVENUE SALES 8.5% increase) $610,313 $854,438 $976,500 $2.441,250 SALES. PRICE X QUANTITY $610,313 5854,438 $976,500 $2.441 250 Number of Furniture Sets Sold July August September TOTAL QTR Number of Furniture Sets Sold 678 949 1,085 2,713 3. Monthly Sales are dassified as follows and realized in corresponding percentage: a. Cash sales 35% of total sales b. Credit sales 65% of total sales 4. Monthly credit sales are collected as follows and in the corresponding proportion: Collected in the month of the sale, 60% b. Collected one month after the sale month 25% c Collected the second month after the sale month, 15% 5. Cost Classifications based on 2nd quarter information: Product Costs Fixed Costs Variable Costs S ? 570,000 Raw Materials Cost (See corrected COGS Schedule in Part 1, Required #1) Direct Labor Overhead: Rent-Factory Indirect Labor Insurance - Factory (66 2/3%) Utility-Factory (50%) Depreciation-factory building $ 250,000 84,000 20,000 30,000 9,000 91,000 Period Costs Advertising expense Selling & Administrative Wages and Salaries Utility-Selling & Administrative (50%) Insurance-Administrative (33 1/3%) Depreciation Administrative 90,000 8,400 270,000 135,000 3,600 11,000 135,000 I 6. I All Factory overhead and administrative expenses (except depreciation) are paid in cash in the month the cost is incurred. 7. Direct labor is paid at the end of the month 8. Raw material purchases are paid as follows: 60% in the month of the purchase, 20% the month after the purchase, and 20% in the second month following the purchase. The raw mate budget is as follows: July August September TOTAL QTR PROJECTED RAW MATERIAL PURCHASES $745,395 NEEDED FOR SALES DESIRED ENDING LESS BEGINNING PURCHASES $186 349 46,587 1258.000) 579,936 5260,888 65.222 040 58 $2792523 5298 58 74,540 (65222) $307475 5566 935 9. Aditional monthly option paid in cash include Property taxes, due Aug 1, 52,950 Employee payroll taxes due September 30, $3,000. You have determined that you are going to provide the following information to Joyce and Royce Determine the variable cost PER 3-piece furniture set for EACH variable cost identified in the table above in 5. b. Prepare a contribution margin income statement for the total 2 quarter and for the projected total 3* quarter. (Refer to "a" above and the table in #5) c. Prepare a projected traditional multi-step income statement for the total 3 quarter. (See Part 1, Required 12 and Ethibit 01). HINT: You will need to prepare a detailed schedule of cost of goods sold for the quarter. Additional information needed is below: July 1 September 30 Raw Materials 5204,000 566,780 Work in Process 84,000 75,600 Finished Goods 288,000 259,200 d. Prepare a schedule of projected cash collections from credit sales for each month of the 3M quarter Relevant prior months credit sales: May credit sales, $368,720 June credit sales, $331,840 e. Prepare a schedule of projected cash payments for raw materials for each month of the 3 quarter Relevant prior months' credit (on account) purchases May purchases on account, $344,100 June purchases on account, $309,720 Prepare a projected cash budget for the total 3 quarter. Your budget should include a monthly budget for each of the three months in the quarter The cash balance on July 1, 2020 is 51,270,000