each. Jumbo Inc., a manufacturer of lawn mowers, plans to sell 20,000 mowers in April of i. The desired monthly ending inventory in units of finished product is 50 percent of the next month's estimated sales. Inventory on April 1 amounted to 8,000 mowers. ii. Each unit of finished product requires 12 kilograms of direct material at a cost of $5 per kilogram. There are 30,000 kilograms of direct materials in inventory on April 1, 2023. For April 2023, the firm plans to have direct-materials inventory at the end of the month equal to 50,000 kilograms. iii. The dollar value of materials purchases in March 2023 was $800,000. iv. Additional production cost of the product (labor and manufacturing overhead) average $8.40 per unit. These are assumed to be paid during the month. v. All sales are on account with 60% of customers paying in the month of sale, 2 percent never pay their account, and the rest make their payment in the month following the sale. The company's accountant recognizes the estimated bad debts at the end of each month. vi. Materials purchases are also on account. Forty percent (40%) of the cost of materials purchases is paid in the month of purchase with the balance paid in the following month. Other Information: The company received its annual property tax bill in March amounting to $45,000 and will be paying the bill in April. WN In March, the company paid $15,000 in rent to cover the months of March and April. Selling, general and administrative expenses incurred and paid in April amount to $100,000. 4. Depreciation expense for April amounts to $20,000. This is not included in selling, general and administration expenses. 5. Dividends of $1,000,000 were declared on March 12, 2023, but will not be paid until May 2, 2023. Partial monthly sales information in units for 2023 are as follows: Estimated Units Actual Units March 2023 10,000 April 2023 20,000 May 2023 15,000 It is now March 31, 2023, and you have been asked to prepare budgets for activities during the coming month. The company's cash balance is $100,000 on March 31. Starting from April, the company wishes to maintain a cash balance of $200,000. The company has a good credit rating and can borrow what it wants in $1,000 multiples at annual rate of 8%. Borrowing, if any, will take place at the beginning of the month. Interest will be paid monthly, at the end of the month Required: a. Prepare Jumbo's production budget for April 2023. b. Prepare Jumbo's direct materials purchases budget (in kilograms and dollars) for April 202 c. Prepare a cash budget for Jumbo for April 2023