o prepare a master budget for danuary, February, and Marchi use the following information. 0. The company's single product is purchased for $20 per unit and resold for $58 per unit. The imventory level of 5,500 units on December 31 is more than management's desired level, Which is 20S of the next month's budgeted sales units, Budgeted sales are January, 6.500 units, February, 9.250 units, March, 11,500 units; and April, 11,000 units, All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $233,100. February, $711.373; March. $527641 c. Cash payments for merchandise purchases are budgeted as follows: Jancary, $65,000 : February, $286,400; March, $84,400 d. Sales commissions equal to 20% s of sales doliars are pard each month. Sales salaries (excluding commissions) are 57,500 per month. e. General and administrative salaries are $13,000 per month. Maintenance expense equals $2,200 per month and is paid in cash. f. New equipment purchases are budgeted as follows: January, \$36,000, February, $96,000, and March, 524,000 Budgeted depreciation expense is January, \$7,000: February, \$8,000; and March, $8,250. 9. The company budgets a tand purchase at the end of March at a cost of $140,000, which will be paid with cash on the last day of the month h. The compary has an agreement with its bank to obtain additional loans as needed. The interest rate is 18 per month and interest is paid ot each month-end based on the beginning-month balance. Partial or full payments on these loans are made on the last day of the month. The company mairtains a minimum ending cash balance of $20500 at the end of each month i. The income tax rate for the company is 43% income taxes on the first quatter's income will not be paid until April is. 1. Sales budget. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets THint: Depreciation is included in the merchandisers. 5. Capital expenditures budgets. 6. Cash budgets. 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31 . Complete this question by entering your answers in the tabs below. Sales budgets. Complete this question by entering your answers in the tabs below. Merchandise purchases budgets. Sallinn avnanca hurlnate General and administrative expense budgets. Ht: Depreciation is included in the general and administra merchandisers. Capital expenditures budgets. DIMSDALE SPORTS COMPANY Cash Budget Required 5 Required 7 DIMSDALE SPORTS COMPANY Budgeted Income Statement For Three Months Ended March 31