Instructions: In this assigment you will create a series of budgets for Wolverine Manafuctuoing, Jan aircraft manufacturing company. Below you will find the information you ned to create each budget. To the right you will find a template for each budget. Complete each template by filling in the missing information, as indicated by bordered boxes with an off-white fill. Make sure you have completed all of the budgets before submitting the assignment! Sales Budget Wolverine Manufacturing's aircrafts sell for $150,000 per unit. Develop a sales budget for the first quarter of 20XX. Assume the company will sell 1 aircraft in the first month of the quarter and then increase sales by 1 aircraft each subsequent month. Ace ancitipates collecting 70% of the sales in cash during each month within the period. The remaining 30% will be collected in the second quarter. Schedule of Expected Cash Collections Calculate the expected cash collection for each month based on the percentage collected during the month of the sale and the percentage collected following the month of the sale. Direct Materials Budget Wolverine has determined it will produce 1,2 , and 4 aircraft in January, February, and March respectively. 2500 pounds of raw materials are needed to produce 1 aircraft. Develop a direct materials budget for Wolverine Manufacturing. Assume a starting raw materials inventory of 0 in this quarter. Wolverine would like to have an ending raw materials inventory each month of 10% of the following month's raw material needs. The cost of raw materials is $10/ pound. In April, Wolverine will be filling a special order for 10 aircraft. April's raw materials needs have been included in the chart so you can calculate the desired ending inventory for March. Wolverine will pay for its raw materials with 50% cash due in the month the materials are received and the remaining 50% on credit, due in the second % of purchases paid for with cash during the purchase mon % of purchase paid for with cash following the purchase month