j. The balance sheet as of December 31, 2019 is as follows Assets Cash 5 70,000 Accounts Receivable 512,000 Inventory: Raw Materials 5 12,500 Inventory: Finished Goods 82,000 94,500 Plant and Equipment $1,100,000 Less: Accumulated Depreciation (180,000) 920,000 Total Assets $1,596,500 Liabilities and Equity Accounts Payable 5 27,500 Lo ng-Term Notes payable 819,000 Common Shares 635,000 Retained Earnings 115,000 Total Liabilities and Shareholder's Equity $1,596,500 Additional information is as follows a All cash payments except purchases of raw materials are made monthly as incurred a All borrowings occur at the beginning of each month, and all repayments occur at the end of the month. - Ignore interest rates and income tax. a A minimum cash balance of $60,000 is required at the end of each month. Required.- 1. Prepare the following budgets for each of the rst three months of 2020. [21 marks] a. Sales budget. b. Production budget. c. Raw materials purchases budget. d. Direct labour and manufacturing overhead budget. e. Ending finished goods inventory budget f. Selling and administrative budget. g. Cash budget. 2. Prepare a budgeted income statement for the first three months of 2020 and a budgeted balance sheet as of March 31, 2020. [9 marks]