HUSH Clean Cosmetics (HCC), an all natural & organic mineral makeup company, is considering whether to open a new store. The store can be ready to open on July 1, 2022. To make the decision, the planning committee requires a master budget for the store's first quarter of operation (July, August, and September of 2022). Required Construct quarterly master budget for the three month period, July to September, based on the following information: July, not January (typo in earlier version) a. July sales are estimated to be $480,000 of which $80,000 will be cash and $400,000 will be credit. The company expects sales to grow 10% per month. Prepare a sales budget. b. The company expects to collect 100% of accounts receivable in the month following the sale. Prepare a schedule of expected cash receipts. c. Cost of goods sold will be 50% of sales. Company policy is to budget an ending inventory balance equal to 25% of the next month's projected cost of goods sold. Assume HCC expects October cost of goods sold to be $345,000. Prepare an inventory purchases budget. d. All inventory purchases will be on account. The company would pay 75% of accounts payable in the month of purchase. It will pay the remaining 25% in the following month. Prepare a schedule of expected cash payments for inventory purchases. e. Budgeted monthly selling and administrative expenses are: Salary Expense (Fixed) Sales Commissions 1 Supplies Expense Utilities (Fixed) Depreciation on store Equipment (Fixed)" Rent (Fixed) Miscellaneous (Fixed) $32,000 5% of Sales 1% of Sales $2,500 $ 500 $4,000 $ 1,500 *The capital expenditures budget shows that HCC must purchase $120,000 of furniture & fixtures on June 15 to establish the new store. The furniture & fixtures supplier allows a