Morrison Limited produces and sells a single product, Christmas Bulbs. The Finance group has determined the following estimates for unit sales in the upcoming year 2020. First Quarter 32,000 Second Quarter Third Quarter 28,000 26,500 Fourth Quarter 24,000 Budgeted Unit Sales The Christmas Bulbs sells for $55, 60% of sales are expected to be collected in the quarter of sale and the remainder 40% are collected in the following quarter. Accounts receivable at the beginning of the quarter were $162,000 and will all be collected during the first quarter of the year 2020. At the end of the previous quarter (2019) there were 3,400 units in finished good inventory. The desired ending finished goods inventory at the end of each quarter is 10% of the next quarter's budgeted sales. Management expects sales in the first quarter of the upcoming year 2021 to be 27,000. Required: 1. Prepare the company's sales budget and schedule of expected cash collections. 2. Prepare the company's production budget for the upcoming fiscal year