Format all of your answers for this question in the following manner. You must use "$" signs, as well as Commas, and since we are talking about money, two decimal places, i.e. $119,254.00 If you need to enter a Negative number, indicate the negative value by placing your answer in brackets. i.e. ($119,254.00) If you do not format your answers correctly you will not receive credit for your work. Alberto' Pizza is a small chain of take-out pizza restaurants, In the month of November Alberto's sales revenue was $441,000.00 and they sold 24,500 pizzas in total. Alberto's cost of sales for those pizzas was $208,250.00 Alberto will use the results of November to create his budget for the first five months of 2021. They are projecting the number of pizzas sold in the first five months of 2021 to be as follows: Month Number of Pizzas January 17,500 February 18.100 March 18,800 April 20,100 May 22,000Part 1: Prepare the Sales Budget for the First Quarter of the year for Alberto's by filling in the blanks in the table below. Remember to use November's results to create your projections. Follow these specific formatting instructions for all of your answers for this question. Alberto's Pizza Inc. Sales Budget For the Quarter Ending March 31, 2021 January February March Quarter Budgeted Sales 315000 325800 338400 979200Part 2: When compiling the annual purchase budget, the operations manager insists that 12% of budgeted cost of sales requirements should be on hand to begin each month. Prepare the purchase budget for the first quarter. Alberto's Pizza Inc. Purchases Budget For the Quarter Ending March 31, 2021 January February March Quarter Budgeted Cost of Sales 148743 153842.76 159792.48 462378 24 Required Ending Inventory Budgeted Beginning Inventory Required PurchasesPart 3: Alberto's sales history indicates that 25% of sales will be for cash and 75% of sales will be on credit card. Using the information from the sales budget, determine the forecasted cash and credit sales. Alberto's Pizza Inc. Forecasted Cash and Credit Card Sales For the Quarter Ending March 31, 2021 January February March Quarter Cash Sales (25%) Credit Card Sales (75%)Part 4: Alberto's has reviewed past collection history and has determined that credit card sales will be collected as follows: 77% is collected in the month of sale and 23% is collected the following month. The total credt card sales for the month of December 31, 2020 were $235,000.00 Prepare the cash collection per month section of the cash receipts budget for the first quarter. Alberto's Pizza Inc. Cash Collection per Month For the Quarter Ending March 31, 2021 January February March Quarter Cash Sales Current Month Credit Card Sales Previous Month Credit Card Sales Total Cash CollectionsPart 5: Alberto will pay 78% of its purchases of food inventory in the month of purchase and the remaining 22% in the following month. The total inventory purchases for the month of December 31,2020, were $104,000.00 Prepare the budgeted schedule of cash payments for the first quarter. Alberto's Pizza Inc. Schedule of Cash Payments For the Quarter Ending March 31, 2021 January February March Quarter December January February March TotalPart 6: Prepeare the cash budget for the first quarter. Assume the following: 1. Alberto started the year with $25,400.00 in it's bank account and must maintain a cash balance of $13,000.00 at the end of each month. 2. Alberto's has access to an open line of credit with the bank to borrow if needed. To keep things simple, ignore interest calculations on the bank borrowings. Also, loan borrowings are taken in multiples of $500.00 3. Alberto's maintains that it will repay loans as soon as possible with any excess cash that becomes available. 4. Alberto's has budgeted the following: . Payment for operating expenses = $91,000.00 each month. . Depreciation expense is $6,200 per month. . Alberto's will need to purchase new ovens. The total cost of the ovens is $205,000.00 Alberto's will pay $150,000.00 in January and the remainder in February. . Cash Dividends of $15,000.00 will be paid to shareholders in February and MarchCash Budget For the Quarter Ending March 31, 2021 January February March Quarter Beginning Cash Cash Receipts Cash Collected from Sales Total Cash Available Cash Payments Payments for Inventory Payments for Operating Expenses Purchase of Ovens Dividends Total Cash Payments Cash Excess or (Deficit) Financing Requirements Borrow Loan N/A Loan Repayments Ending Cash Balance