PART V(21 POINTS) The following information pertains to the January operating budget for Shields, Inc. -Budgeted sales for January $60,000 and February $120,000. -Collections for sales are 70% in the month of sale and 30% the next month. -Cost of goods sold is 75% of sales. -Selling and administrative costs are $6,000 each month. -Beginning accounts receivable is $12,000. -Beginning inventory is $8,400 -Beginning accounts payable is $36,000. (All from inventory purchases.) Purchases are paid in full the following month. Desired ending inventory is 10% of next month's cost of goods sold (COGS). Required: 1. What were budgeted cash collections for January? 2. At January 31, what is the budgeted accounts receivable? 3. What is the budgeted cost of goods sold for January? 4. What is the budgeted ending inventory for January? 5. What are budgeted purchases for January? 6. For January, what are budgeted cash payments for purchases? 7. What is budgeted net income for January