Fill Out the following Sales Budget & Cost of sales budget with the following information:

Additional Notes: Note that for the purposes of the financial forecasts and budgets, you can assume all items are GST free. Due to COVID-19, i-Optometry is effectively shut down and the owners are planning to reopen on 1st January 2021. This effectively means year 2020 is a write-off and you can assume there to be no sales, costs, or purchases in December 2020.

FactSheet - Data on 2019 Financial Year Sales Volume - Sunglasses Sales Volume - Prescription glasses Service Volume - No. of Eye-tests Jan-2019 175 116 105 Feb-2019 184 121 110 Mar-2019 159 127 115 Apr-2019 164 120 109 May-2019 154 131 119 Jun-2019 205 206 187 Jul-2019 197 199 181 Aug-2019 174 160 145 Sep-2019 130 144 131 Oct-2019 160 139 126 Nov-2019 175 191 174 Dec-2019 188 198 180 Selling Price - Sunglasses Cost Price - Sunglasses $ $ 200.00 60.00 Selling Price - Prescription glasses Cost Price - Prescription glasses $ $ 150.00 80.00 Service Revenue per eye-test $ 75.00 Number of Sale Assistants: Wage Rate per Employee per Month 2. 4,000 $ Number of Office Staff: Wage Rate per Employee per Month 1 4,500 $ Number of Optometrists Wage Rate per Employee per Month 2 6,500 $ Additional Information: Both James and Olivia are owners within the business and each of them draws an amount of $1784 per month. Each owner plans on increasing the drawings to $3568 month starting from January of 2021. As the manager, James keeps a close eye on inventory management and would like to always maintain a monthly ending inventory requirement of 30% of next month's sales. You can assume the beginning inventory for Jan 2021 to be o units for both sunglasses and prescription glasses. All purchases of inventory with the current supplier are on a credit basis, with 70% of the amount settled in the same month of purchase and the remaining 30% settled one month after the month of purchase. You can assume that all credit amounts for purchase of inventory prior to January 2021 have been settled. The business typically will have 80% of their sales of sunglasses and prescription glasses as cash, with the remaining 20% on credit. Of the credit sales, 70% is collected in the month of sales, 20% is collected one month after the sales, and 10% is collected two months after the sales. You can assume that all credit amounts for sale inventory prior to January 2021 have been settled All customers coming in for an eye-test pay for the service in cash 100% of the time. The business has the following non-current assets: In 2019, the business purchased specialised optometry equipment to provide comprehensive eye-tests. The total cost of equipment is $13620 and it is expected to last 5 years. Other office equipment has a total cost of $30480 and depreciates at 20% per annum. Shop Fittings were originally purchased at $64920 and depreciate at 10% per annum. All non-current assets have $0 residual value and are depreciated using the straight-line method of depreciation. Other Fixed Costs: Marketing expense of $900 per annumis paid evenly across 12 months. $3000 of general business insurance is paid in July every year. This insurance covers the period 1st Jan to 31st Dec every year. (100% office) Bank fees works out to be $48 per month and are paid at the start of each quarter. On average, the office supplies are purchased, paid and expensed every month to the amount of $90. General council rates are $792 per year and are usually paid in December every year. The rates cover the period 1st Jan to 31st Dec every year. (50% store: 50% office) Rent is paid at the start of each quarter and works out to be $6400 per month. (80% store: 20% office) Water, gas and electricity are combined under utility expense which adds up to $510 per quarter and is usually paid at the end of each quarter. (75% store: 25% office) "Note: Quarter 1 runs from 1 Jan-31 Mar; Quarter 2 runs from 1 Apr - 30 Jun; Quarter 3 runs from 1 Jul - 30 Sep: Quarter 4 runs from 10ct - 31 Dec. Sale Value Cost of sale Gross profit Budgeted Income statement Jan-21 Feb-21 Mar-211 209150 54950 50850 103380 20720 19700 105770 34230 31150 Apr-21 50800 19440 May-21 50450 19720 30730 Jun-21 71900 28780 43120 Jul-21 69250 27740 41510 Aug-21 58800 23240 35560 Sep-211 47600 19320 Oct-21 52850 20720 Nov-21 63650 25780 37870 Dec-21 Total 67300 847550 27120 355660 40180 491890 31360 28280 32130 Other inome 7875 8250 8625 8175 8925 14025 13575 10875 9825 9450 13050 13500 126150 75 75 250 75 250 75 250 33 1280 42.5 4500 8000 75 250 33 1280 Operating Expenses selling Expenses Marketing Expenses Insurance Expenses General Council rate Office Rent - Office utility Expenses- office Wages-office staff Wages -sale assisstant Supplies Expenses Opearating Expenses Bank Charges General Council rate Store Rent - Store utility Expenses- Store Total Operating Expenses 75 250 33 1280 42.5 4500 8000 90 33 1280 42.5 4500 8000 90 75 250 33 1280 42.5 4500 8000 90 75 250 33 1280 42.5 4500 8000 90 75 250 33 1280 42.5 4500 8000 90 75 250 33 1280 42.5 4500 8000 90 75 250 33 1280 42.5 4500 8000 90 42.5 75 250 33 1280 42.5 4500 8000 90 250 33 1280 42.5 4500 8000 90 900 3000 396 15360 510 540001 96000 1080 33 1280 42.5 4500 8000 90 4500 8000 90 90 48 48 48 48 48 48 48 48 48 33 33 33 5120 127.5 19599 33 5120 127.5 19599 5120 48 33 5120 127.5 33 5120 127.5 19599 48 33 5120 127.5 33 5120 127.5 19599 48 33 5120 127.5 5120 127.5 19599 33 5120 127.5 33 5120 127.5 19599 33 5120 127.5 19599 576 396 61440 1530 235188 127.5 19599 19599 19599 19599 19599 Net Opearating profit 86171 14631 11551 11761 11131 23521 21911 15961 8681 12531 18271 20581 256702 Non Opearating Income & expenses Wages-Optometrists 13000 13000 13000 13000 13000 13000 13000 13000 13000 13000 13000 13000 156000 Profit (Loss) Before Incom 81046 9881 7176 6936 7056 24546 22486 13836 5506 8981 18321 21081 226852 Sales Budget Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 TOTAL Sunglasses Expected Sales x Selling Price per Unit Sales Revenue ($) Prescription Glasses Expected Sales x Selling Price per Unit Sales Revenue ($) TOTAL Sales Revenue ($) Eye-Tests Expected Sales x Selling Price per Unit TOTAL Service Revenue ($) Cost of Sales Budget Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 TOTAL Sunglasses Expected Sales x Cost Price per Unit Cost of Sales ($) Prescription Glasses Expected Sales x Cost Price per Unit Cost of Sales ($) TOTAL Cost of Sales ($)