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a. The company's single product is purchased for $30 per unit and resold for $52 per unit The expected inventory level of 4,750 units on December 31, 2017, is more than management's desired level, which is 20% of the next month's expected sales (in units). Expected sales are: January, 7250 units; February, 9,000 units; March, 11,250 units; and April, 10,000 units. b. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Ofthe credit sales, 61% is collected in the first month ofter the month of sale and 39% in the second month arterte month of sale. For the December 31, 2017, accounts receivable balance, $130,000 is collected in Janusry and the remaining $390,000 is collected in Februsry c. Merchandise purchases are paid for as follows: 20% in the first month ofter the month of purchase and 80% in the second month sfter the month of purchase. For the December 31, 2017, accounts paysble balance, $85,000 is paid in January and the remsining $270,000 is paid in February. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $90,000 per year. e. General and administrative salaries are $144,000 per year. Maintenance expense equals $2100 per month and is paid in cash. f. Equipment reported in the December 31, 2017, balance sheet was purchased in January 2017 lt is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter January, $38,400; February, $100,800, and March, $21,600. This equipment will be depreciated under the straight line method over eight years with no sslvage value. A full month's deprecistion is taken for the month in which equipment is purchased. g. The company plans to buy land st the end of March at a cost of $170,000, which will be paid with cash on the last day of the month. h. The company has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid st each month-end based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The company has agreed to maintain a minimum ending cash balance of $24,690 at the end of esch month. L The income tax rate for the company is 39%. Income taxes on the first quarter's income will not be paid until April 15. Prepare a master budget for each of the first three months of 2018; include the following component budgets: 1. Monthly sales budgets. 2 Monthly merchandise purchases budgets. 3. Monthly selling expense budgets. 4. Monthly general administrative 5. Monthly capital expenditures budgets 6. Monthly cash budgets. 7. Budgeted income statement for the entire first quarter (not for each month). 8. Budgeted balance sheet as of March 31, 2018. l and administrative expense budgets. Complete this question by entering your answers in the tabs below. Required Required E Requiredl Required 2 Requ d 3RequiredReauired s Required 7 | Required Budgeted income statement for the entire first quarter (not for esch onth). (Round your final answers to the nearest hole dal ar. DIM SDALE SPORT $ . Budgeted Income statement For Three Months Ended March 31, 2018 Operating expenses Total operating expene86 Required 6 Cash Bud Required 8