Note: Instead of third quarter, I need the answers for First quarter

Group Project - Preparation of a Master Budget The data below pertains to the first quarter of Alpha Company which manufactures toys Below is the estimated sales (in units): MONTH UNITS January 50,000 February OLUR March 60,000 April 40,000 May 30.000 Junc 20,000 Required: a. The selling price of the toy is $15 per unit. b. All sales are on account. Based on past experience, sales are collected in the following pattern: Month of sale 30% Month following sale 65% Uncollectible 59 c. Sales for December of last year totaled $300,000. d. The company maintains finished goods inventories equal to 20% of the following month's sales. This requirement will be met at the end of December of the previous year. c. Each toy requires 5 pounds of raw materials The company requires that the ending inventory of raw materials be equal to 30% of the following month's production noods The raw material costs $1.20 per pound. h. 40% of a month's purchases of raw materials is paid for in the month of purchase; the remainder is paid for in the following month The accounts payable on December 31 of last year was 576.000. Required from Part 1: 1. Prepare a sales budget, by month and in total, for the Third quarter. (3 marks) 2. Prepare a schedule of expected cash collections, by month and in total, for the Third quarter. (15 marks) 3. Prepare a production budget for each of the months July, August, September and October (10 marks) 4. Prepare a direct materials budget, by month and in total, for the Third quarter. (12 marks) 5. Prepare a schedule of expected cash disbursements, by month and in total, for the Third quarter. (15 marks)