I need help with PART E which is located in the last picture!

PART TWO:# Cash flow and Financing Eric and Heather agree that there also is a need for better forecasting regarding the company's cash inflows and outflows. After a series of questions, you determined that (1) the company had not prepared a cash budget for several quarters and (2) is not up to date on its payables and receivables. You are going to prepare a forecasted income statement and a forecasted cash budget for the fourth quarter. Pertinent information needed has been collected and is outlined below. Pertinent Information: The business manager/accountant and Heather provided projections for the 1st quarter 2021 (January through March 2021) and other information outlined below: 1. Total sales 4th quarter 2020: 58,500 10-oz bottles; Sales price is $8/bottle 2. Total Sales for the 1st quarter 2021 are projected to increase 5% above the 4th quarter 2020 total sales due to an aggressive marketing program that began December 1, 2020. Total quarter sales per month are expected to be realized as follows: 40% in January, 35% in February, and 25% in March. The sales budgets expressed in sales dollars and in the number the number of bottles sold are as follows: PROJECTED Oct Nov Dec TOTAL QTR SALES REVENUE SALES $126,945 $177,723 $203,112 $507,780 SALES: PRICE X QUANTITY $126,945 $177,723 $203,112 $507,780 Number of Bottles Sold Oct Nov Dec TOTAL QTR Number of Bottles Sold 15,356 21,499 24,570 61,425 3. Monthly Sales are classified as follows and realized in corresponding percentage: a. Cash sales..... .30% of total sales b. Credit sales. .70% of total sales 4. Monthly credit sales are collected as follows and in the corresponding proportion: a. Collected in the month of the sale, 50% b. Collected one month after the sale month, 30% 100 5. Cost Classifications based on 4th quarter information: Costs Variable Costs Fixed Costs Raw Materials used in Manufacturing (See corrected COGS Schedule in Part 1, Required #1) $ ? Actual Costs on 4th Quarter Income Statement Direct Labor 114,000 Factory Overhead: Rent-Factory $ 36,000 Indirect Labor 16,800 3,630 Insurance - Factory (66 2/3%) Utility-Factory (75%) Depreciation-factory building 5,400 1,800 18,200 General Administrative 64,000 18,000 67,000 Advertising expense Selling & Administrative Wages and Salaries Utility-Selling & Administrative (25%) Insurance-Administrative (33 1/3%) Depreciation Administrative 1,680 720 2,970 27,000 6. All factory overhead and administrative expenses (except depreciation) are paid in cash in the month the cost is incurred. 7. Direct labor is paid at the end of the month 8. Raw material purchases are paid as follows: 50% in the month of the purchase, 30% the month after the purchase, and 20% in the second month following the purchase. The raw materials' budget is as follows: PROJECTED Oct Nov Dec TOTAL QTR RAW MATERIAL PURCHASES NEEDED FOR SALES $34,503 $48,304 $55,205 $138,012 DESIRED ENDING 8,626 12,076 13,801 LESS: BEGINNING (40,800) $2,329 (8,626) $51,755 (12,076) $56,930 PURCHASES $111,013 9. Additional monthly obligation paid in cash include: a. Property taxes, due February 27, 2021: $2,790 b. Employee payroll taxes due March 15, 2021: $900. You have determined that you are going to provide the following information to the Woodsons: a. Compute the unit cost of goods sold using 4th quarter information and the corrected cost of goods sold statement you prepared in Part One b. Prepare a projected traditional multi-step income statement for the 1st quarter using information in a, above and the 4th quarter information on the table in 5 above (see the previous page). For proper formatting, see Exhibit 1 at the end of this document. c. A schedule of collections from credit sales for each month of the 1st quarter 2021. Previous months' credit sales are: November 2020 credit sales, $ 91,550 December 2020 credit sales, $86,210 d. A schedule of payment for raw materials for each month of the 4th quarter. Previous months' credit (on account) purchases are: November 2020 purchases on account, $56,560 December 2020 purchases on account, $52,800 e. A projected Cash Flow Budget for (a) the total 1st quarter 2021 and (b) for each month in the 1st h quarter 2021 based on the information provided above. Beginning cash balance on January 1, 2021 is $242,800