Fancy Bikes, a supplier of sports bikes, estimates that in July, August and September of 2022, the number of bicycles to be sold are 2,500, 3,000 and 2,800 respectively. Each bike sells for $275. Based on historical records, cash sales in a given month averages 30%. For the sales on credit, the collection is normally as follows: 5) 15% received in the month of the sale. 65% received in the month after the sale 13% received two months after the sale 7% of the credit sales are never received May and June 2022's credit sales are $600,000 and 650,000 respectively. Requirement 1. Prepare a sales budget for the third quarter of 2022 with totals for the quarter. (20 Pts) 2. Prepare a cash collection budget for the third quarter of 2022, with totals for the quarter. (30 Pts) NOTE: Show computation for the first months of both budgets (the other two months follow the same pattern). Marks will be deducted if no computation is reflected.