Galactic Incorporated manufactures flying drone toys. Sales units, for January. February, March, April, and May were 600, 580,652 . 612 , and 680 respectively: Required: 1. The company's policy for ending finished goods is 25 persent of next month's soles. Determine production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 each. The company requires ending direct materiais to be 20 percent of next month's moterials requirement Determine direct materals purchases budget with respect to LED lights for the first quarter. Complete this question by entering your answers in the tabs below, The drone toy indudes 2 LED lights, which cost $15 each. The company requires ending direct materials to be 20 percent of next month's materials requirement. Doternine direct materials purchanes pudpet with respect to LED lights for the first quartet. Note: Do not round intermediater calculations. Poul's Pool Service provides pool cleaning, chemical application, and pool repoirs for residential customers. Clients are billed weekly for services provided and usually pay 60 percent of their fees in the month the service is provided. In the month following service, Paul collects 35 percent of service fees. The finol 5 percent is collected in the second month following service. Paul purchases his supplies on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The foliowing information is ovaliable for the months of June, July, and August, which are Poul's busiest months: - June 1 cash balance $17,200. - June 1 supplies on hand $4,800 - June 1 occounts recelvable $9,900 - June 1 occounts payable $4,700. - Estimated sales for June, July, and August are $29700,$44,600, and $47,900, respectively. : Soles during May were $28,100, and soles during April were $19,900. - Estimated purchoses for June, July, and August are $10,800,$20,800, and $15,000, respectively. - Purchases in May were $5,900. Required: 1. Compute budgeted cosh receipts and budgeted cash poyments for eoch month. 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts. Complete this question by entering your answers in the tabs below. Compute budgeted cash receipts and budoeted cash payments for each month. Galactic Incorporated manufactures flying drone toys. Sa es units for January. February. March, April, and May were 600,580,652. 612 , and 680 respectively. Required: 1. The company's policy for ending finished goods is 25 persent of pext wonth's soles. Determine production budget for the first quarter. 2. The drone toy includes 2 LED lights, which cost $15 eoch. The company requlres ending direct materials to be 20 percent of next month's materials requirement. Determine direct materials purchases budget with respect to LED lights for the first quarter. Complete this question by entering your answers in the tabs below. The companys policy for ending finished goods is 25 percent of noxt month's sales. Determine production budget for the first quarter. collects 35 percent of service fees. The final 5 percent is collected in the second month following service. Paul purchases his sup on credit and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchoses, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase The following information is avallable for the months of June, July, and August, which are Paul's busiest months: - June 1 cash balance $17,200. - June 1 supplies on hand $4,800 - June iaccounts receivable $9,900. - June 1 accounts payable $4,700. - Estimated saies for June, July, and August are $29,700,$44,600, and $47,900, respectively - Sales during May were $28,100, and sales during April were $19,900. - Purchases in May were $5,90, July, and August are $10,800,$20,800, and $15,000, respectively. - Purchases in May were \$5,900. Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month. 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts Complete this question by entering your answers in the tabs below. Compute the balances necessary to prepare a budgeted balance sheet for Aupust 31 for each of the following accounts