Okay Company is preparing to build its master budget. The budget will detail each quarter's activity and the activity for the year in total. The master budget will be based on the following information: a. This will be the first year of operation for Okay Company b. Budgeted unit sales by quarter for 2017 are projected as follows: First quarter 6, 500, Second quarter 6,000. Third quarter 6, 100 & Fourth quarter 6, 250. c. The selling price is exist50 per unit. Sales are estimated to be collected 70% in cash and 30% credit. d. Of the credit sales, 80% are estimated to be collected in the quarter of the sale and the remaining 20% is collected in the quarter following the sale. e. Okay's past experience indicates that cost of goods sold is about 60 percent of sales. f. Since this is the first year of operations there is no beginning inventory at the beginning of the year. Okay's ending inventory policy is 40% of the following quarter's inventory needs g. Okay buys inventory on account. The purchases are paid for in full the quarter following the purchase. h. Selling and administrative expenses total exist15,000 per quarter, which includes exist2, 500 depreciation. All selling and administrative expenses requiring cash payments are paid for in the month incurred. Prepare the following budgets for Okay Company: 1. Sales budget for all 4 quarters and yearly total. 2. Sales Type for 1^st and 2^nd quarters. 3. Cash Collections of Sales for 1^st and 2^nd quarters. 4. Inventory purchases budget for 1^st and 2^nd quarters. 5. Cash Payments of Inventory for 1^st and 2^nd quarters. 6. Selling and Administrative expenses budget for 1^st and 2^nd quarters. 7. Cash Payments of Selling and Administrative expenses for 1^st and 2^nd quarters. 8. Cash budget for 1^st and 2^nd quarters. 9. Calculate 2^nd quarter ending Cash Balance if 1^st quarters Sales Units is changed to 6,000 10. For correct formulas in the excel spreadsheet