Kraft is a Wholesaler dairy products. The following information is available for May 2021. Note the beginning cash balance is $700,000. Cheese 200,000 hoops at $20 each Milk 300,000 gallons at $10 each Estimated Costs Cheese Milk $ $ 10.00 per hoop 5.00 per gallon Desired inventories Units Cheese Milk Beginning Ending 20,000 24,000 8,000 10,000 Beginning cash balance is $700,000 Purchases of merchandise are paid 60% in the current month and 40% in the following month. Purchases totaled $1,800,000 in April and are estimated to be $2,000,000 in June 2021. Employee wages and salaries are paid for in the current month. Employee Expenses for May totaled $156,000. Overhead expenses are paid in the next month. The accounts payable amount for these expenses from April is $80,000 and for June will be $90,000. May's overhead expenses total $80,000. Sales are on credit and are collected 70% in the current period and the remainder in the next period. April's sales were $3,000,000 and June's sales are estimated to be $3,200,000. Bad debts average 1% of sales. Selling and administrative expenses are paid monthly and total $450,000, including $50,000 of depreciation. All unit costs for May are the same as they were in April. Required: Prepare the following for May 2021 using excel a. Sales budget b. Purchase Budget C. Cash Budget d. Budgeted Income Statement