Fitness World Company is a manufacturer and seller of sports suits. Information on budgeted sales in units is given below. Use this information to answer all parts of question one Month Sales in Units November 2019 10,000 December 2019 8,000 January 2020 11,000 February 2020 12,000 March 2020 9,500 7,000 April 2020 May 2020 8.500 a. The selling price of the suit is AED 50 b. All sales are on account. Based on past experience, sales are collected in the following pattern: Month of sale Month following sale Second month following 60N 30% 10% c. The company maintains finished goods inventories equal to 20% of the following month's sales. The beginning inventory of finished goods on January 1" was 2800 units d. Each Suit requires 2 yards of raw materials. e. The company requires that the ending inventory of raw materials be equal to 15% of the following month's production needs. The beginning inventory of raw materials inventory was on lanuary 1" was 3150 units f. The raw material costs $10.50 per yard. 40% of a month's purchases of raw materials is paid for in the month of purchase the remaining is paid for in the following month. h. The accounts payable on December 31" will be $85,000 Required:Prepare 1. Prepare a sales budget, by month and in total, for the First quarter. (3 marks) 2. Prepare a schedule of expected cash collections, by month and in total, for the First quarter. (15 marks) 3. Prepare a production budget for each of the months January February, March and April (10 marks) 4. Prepare a direct materials budget, by month and in total, for the First quarter (12 marks) 5. Prepare a schedule of expected cash disbursements, by month and in total, for the First quarter. (15 marks