I need answers to the following problems for a study guide:

Problem 1.)

The following information is available for the Garris Co. -

Budgeted Sales:

December (Actual) - $40,000

January - $35,000

February - $50,000

March - $65,000

April - $70,000

Budgeted Expenses:

Wages and Salaries - $7,500

Freight out - 6% of Sales

Advertising - $3,500

Depreciation - $2,000

Other Expenses - 1% of Sales

Other Data:

Minimum inventory % of next month's COGS - 30%

Ending inventory for Dec. - $11,500

Sales Mix:

Cash - 20%

Credit - 80%

(Note: Credit sales collected in the following month.)

COGS - 60%

Inventory Paid:

Current month - 50%

Month after purchase - 50%

Dec. Accounts payable - $16,000

Dec. Cash balance - $8,000

Minimum Cash balance - $10,000

Required ------ COMPLETE THE MASTER BUDGET