j. The balance sheet as of December 31, 2015, is as follows: Assets Cash $ 80000 Accounts receivable. 612 000 Inventory: Raw materials . $ 8100 Finished goods. .. 72.600 80700 Plant and equipment. - . ..... 1,000 000 Less accumulated depreciation. .. ... (00000) 900.000 Total assets. .... $1.672700 Liabilities and Equity Accounts payable. $ 24000 6% long-term notes payable. 900.000 Common shares . 735000 Retained earnings. 13700 Total liabilities and shareholders equity ... $1.672700 Additional information is as follows: All cash payments except purchases of raw materials are made monthly as incurred. All borrowings occur at the beginning of each month, and all repayments occur at the end of the month. Borrowings and repayments may occur in any amount. A minimum cash balance of $30.000 is required at the end of each month. Required: Prepare the following budgets for each of the first three months of 2016: a. Sales budget. b. Production budget. C- Raw materials purchases budget. d. Direct labour and manufacturing overhead budget. C. Selling and administrative budget. E. Cash budget. 2. Prepare a budgeted income statement for the first three months of 2016 and a budgeted balance sheet as at March 31. 2016