Drink to Success is a health company who manufactures customizable flavoured water bottles called Hydrink.The following data is available for preparing budgets for Hydrink for the first two quarters of 2023: 1) Sales: Quarter 1, 32,000 bottles; quarter 2, 48,000 bottles. Selling price is $75 per water bottle. 2) Direct materials: Each bottle of Hydrink requires 9 kg of stainless steel at $5 per kilogram and 4 kg of flavouring at $1.50 per kilogram. 3) Desired inventory levels: Type of Inventory January 1 April 1 July 1 Hydrink (bottles) 5,000 9,000 15,000 Stainless Steel (kg) 11,000 21,000 25,000 Flavouring (kg) 6,000 11,000 20,000 4) Direct labour: Direct labour time is 18 minutes per bottle at an hourly rate of $16.50 per hour. 5) The company expects selling and administrative expenses to be 5% of sales plus $10,000 per quarter. 6) It expects income taxes to be 15% of income from operations. 7) The CFO has prepared the manufacturing overhead budget which shows expected costs to be 110% of direct labour cost. Instructions: 1) Prepare the budgeted income statement for the first six months and all required operating budgets by quarters. Do not prepare the manufacturing overhead budget.