given a unique set of financial data along with budget assumption information relating to the desired budgetary assumptions relating to future inflationary trends, planned divisional changes and specific performance measures to be adapted to each group's budget.Budget$-$Benchmarking Creation and Analysis. will be given a unique set of financial data along with budget assumption information relating to the desired budgetary assumptions relating to future inflationary trends, planned divisional changes and specific performance measures to be adapted to each group's budget.will apply the parameters given and create a divisional budget plan. This budget plan will be delivered in Week $8$ for review, and they will be given a response from the lecturer simulating a response from senior management including several benchmarks that management have decided the 'group division' should use to finalise their 'budget submission'.to analyse their originally budgeted performance to the given benchmark standards to identify any gaps in performance and create practical suggestions to overcome any shortfalls. Each group will have until the final due date to modify and update their budget and provide justification for their final budget estimates and analysis.Budget assumptions. set of budget assumptions in relation to the expected operational andreference to the performance measures for that division$/$department of the company.The following information relates to Yellow Fairy Ltd$.$Sales were budgeted at $90,000$ for January and $50,000$ for February.Collections are exprected to be $65\%$ in the month of sale, and $35\%$ in the month following the sale.The gross margin is budgeted at $45\%$ of sales.Merchandise is purchased on credit and Payable in the following month$\mathrm{.}80\%$ of the mechandise is purchased in the month prior to the month of sale and $20\%$ is purchased in the month of sale.Depreciation on Shop fittings and equipment is budgeted at $7,200$ per month.Other expenses are budgeted at $$7000$The budgeted balance sheet as at $31$ December isAssets:CashAccounts ReceivableInventoryFixtures and EquipmentTotal AssetsLiabilities and owners' equityAccounts payableOwners EquityTotal Liabilities and Owners EquityNet of Accumulated Deprecition is $484,000$$$1,680\mathrm{.}0045,600\mathrm{.}0090,720\mathrm{.}00522,000\mathrm{.}00660,000\mathrm{.}0060,000\mathrm{.}00600,000\mathrm{.}00660,000\mathrm{.}00$RequiredEstimate the budgeted:$1.$ Cash receipts for January$2.$ Profit for January$3.$ Accounts payable at $31$ January$4.$ Inventory at $31$ January