During the meeting of the financial department in the Avenues Group, it was agreed to prepare a set of planning budgets related to the next year 2023 for one of the products. Through your work as a management accountant in the financial department and you have the appropriate experience, you were asked to prepare a comprehensive report that will be presented and discussed in the next meeting, including the following: First: Write a brief about the Avenues Group. Second: what is meant by planning budgets, and its types, and the objectives of preparing and implementing them. Third: You have the following data available for the period from May to December of the year 2023: The selling price of the unit is 20BD - The unit needs 4kg, and the price of 1kg is 3BD The unit needs 4 hours to complete and the hourly rate is 1.5BD - The group collects 55% of its sales in the same month, 30% in the following month, and the remainder in the following month - Group purchases amount to 100% of the following month's sales and are paid in two equal instalments - The group receives other revenues at the rate of 40% of the sales for the same month - Wages and salaries are 25% of the same month's sales - The group plans to purchase a machine that costs 7,000 BD in June, and it will be paid in 3 equal installments, starting in July. - The group uses the straight-line method to depreciate its machines, and the expected scrap value is 500BD, and its useful life is 5 years. - The tax is at the rate of 700BD, which paid in two installments, in February and September of each year - The estimated cash at the beginning of the period in the month of July amounts to 3000BD, and the group maintains monthly cash in the amount of 1500BD - Ending inventory represents 12% of the following month's sales - The amount of materials to be kept at the end of each month is equivalent to 12% of the next month's production needs - Required: Prepare the following budgets for the third quarter of 2023: 1. Sales 2. Production 3. Direct materials 4. Direct wages 5. Cash 6. Clarifying the group's opinion regarding the results of the budgets shown above, which will be prepared by the group for the requirements from No. 1 to No. 5