Okay Co., a new startup business, is preparing their budget for the first quarter 2022 ending March 31. Budgeted sales of the company's only product for the next five months are: January February March 8,700 units 6,000 units 8,300 units April 5,300 units May 6,200 units The selling price is $56 per unit. Prepare the following elements of the master budget for this problem: (150 points) 1. Sales budget (a. with a schedule of expected cash collections). 2. Production budget. 3. Direct materials budget (b. with a schedule of expected cash disbursements for materials). 4. Direct labor budget. 5. Manufacturing overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget. 8. Cash budget. 9. Budgeted income statement. 10. Budgeted balance sheet. (beginning and ending balance sheet) SCHEDULE OF EXPECTED CASH COLLECTIONS All Sales are on account. The company collects 60% of credit sales in the month of the sale, 35% of credit sales in the following month and 5% remain uncollectible. The accounts receivable balance on January 1 was $0. PRODUCTION BUDGET The company desires to have inventory on hand at the end of each month equal to 20% of the following month's budgeted unit sales. On December 31, 0 units were on hand. DIRECT MATERIALS BUDGET 6.0 pounds of material are required per unit of product. Management desires to have materials on hand at the end of each month equal to 10% of the following month's production needs. The beginning materials inventory was 0 pounds.