Jenny is majoring in accounting and has a part$-$time job at Wyoming's Best Wild Huckleberry Jam Inc., a small business selling sugar$-$free huckleberry jam across the country. Jenny is a management trainee in the CFO's office, and one of her job responsibilities is to help the CFO, Mr$.$ Pollock, prepare a master budget for the upcoming fiscal quarter ending on July $31,2024($i$.$e$.,$ the fiscal quarter includes financial results for May, June, and July$).$

The company sells a $12oz$ jar of huckleberry jam for $$15$ each. Budgeted unit sales for the next four months are as follows:

$\backslash$table$[[,$May,June,July,August$],[\backslash$table$[[$Budgeted sales in$],[$units$]],110,000,115,00,,]]$

All sales are on account. From past experience, the company has learned that $40$ percent of a month's sales are collected in the month of sale, and the remaining $60$ percent are collected in the following month. The beginning balance of accounts receivable on May $1,2024,$ is $$600,000,$ all of which will be collected in May. Bad debts are negligible and can be ignored.

The company desires an ending finished goods inventory at the end of each month equal to $20$ percent of the budgeted unit sales for the next month.

Making one jar of huckleberry jam requires $1\mathrm{.}2$ pounds of huckleberries. The company desires an ending raw materials inventory at the end of each month equal to $10$ percent of the following month's production needs.

The purchase price of wild huckleberries is $$5$ a pound. Raw material purchases are paid for in the following pattern: $30$ percent of a month's purchases paid in the month of purchase; the remaining $70$ percent paid in the following month. The beginning balance of accounts payable on May $1,2024,$ is $$500,000,$ all of which will be paid in May.

Summing up costs of direct materials, direct labor, and manufacturing overhead, the cost of goods sold is $$10$ per unit. $($Assuming the conversion cost, that is$,$ the sum of direct labor and manufacturing overhead, is variable, and it is $$4$ per unit. In other words, for simplicity, this company's cost of goods sold is assumed to be a variable cost, increasing in proportion to budgeted unit sales.$)$ Based on the month's required production, the total direct labor and manufacturing overhead cost is paid in cash at the end of each month.

Monthly selling and administrative expenses for the company are given below:

$\backslash$table$[[$Variable selling and administrative expenses,$$1\mathrm{.}5$ per unit$],[$Fixed selling and administrative expenses,$\backslash$table$[[$$$35,000$ in total,$],[$including $$16,000$ depreciation expense$]]]]$

Monthly selling and administrative expenses, except depreciation expenses, are paid in cash during the month they incur.

Monthly interest expense for its long$-$term notes payable is $$2,500,$ paid in cash at the end of each month.

f$.$ A cash budget, assuming the beginning balance of cash on May $1,2024,$ is $$300,000,$ by month and in total and for the quarte.

g$.$ A budgeted income statement for the three$-$month period ending July $31,2024($by month and in total for the quarter$).$ Use the traditional approach. Please note that interest expense is a line item below net operating income, i$.$e$.,$ net operating income $-$ interest expense $=$ net income. $1.$

Please send the equations on how you got everything