Mynor Corporation manulactures and sells a seasonal product that has peak sales in the third quarter. The following information concerns operations for Year 2 - the coming year - and for the first two quarters of Year 3: a. The company's single product solls for $8 per unil. Budgeted unit sales for the next six quarters are as follows fal sales are on credily: b. Sales are collected in the following pattern: 75% in the quarter the sales are made, and the remaining 25% in the following querter. On January 1, Year 2, the company's balance sheet showed $65,000 in accounts receivable, all of which will be collected in the first quarter of the year, Bad debts are negligiole and can be ignored. c. The company desires an ending finished goods inventory at the end of each quarter equal 30% of the budgeted unit sales for the next quarter. On December 31, Year 1, the company had 12,000 units on hand. d. Five pounds of raw materials are required to complete one unit of product. The company requires ending raw materials inventory at the end of each quarter to 10% of the following quarter's production needs. On December 31 , Year 1, the company had 23,000 pounds of raw materials on hand. e. The raw material costs $0.80 per pound. Raw material purchases are paid for in the following patiern: 60% paid in the quarter the purchases are mede, and the remaining 40% paid in the following quarter. On January 1, Year 2, the company's balance sheet showed $81,500 in accounts payable for raw material purchases, all of which will be paid for in the first quarter of the year. Required: Prepare the following budgets and schedules for the year, showing both quarterly and total figures: 1. A sales budget and a schedule of expected cash collections. 2. A production budget. 2. A production budget. PRODUCTION BUDGET RAW MATERLALS BUDGET