Please answer that as soon as possible

thank u so much

FORECASTING ASSIGNMENT - Solark Inc. Assume you are the Financial Analyst for Solark Inc., and it is January 1, 2023. Solark Inc, a manufacturing company, has been growing quickly, but it has found that its financial situation is continually under pressure. Production has fluctuated to meet demand in an attempt to provide first-class service, resulting in larger inventory positions. A1so, the collection of accounts has worsened to approximately 60 days, which is well above the invoice terms of net 30 days. To address the financial concems, Solark Inc. has proposed level production and an expected effort by the credit department to bring the average collection period down to 35 days. Estimated sales for the upcoming months are as follows: Sales for November were $848,925 and will be approximately $904,050 for the just completed month of December. It is projected that the current collection period of 60 days will be reduced to 50 days for January and February and to 42 days for March and April, and will meet the target of 35 days in May and June. Inventory purchases are forecast to be $295,600 a month beginning in January. In November they were $337,500, and in December they are expected to be $303,750. The purchases are paid in 40 days. Manufacturing labour expense will be paid as incurred and will be $97,500 a month. Other expenses of manufacturing will also be paid as incurred and are expected to be $187,500 a month. Cost of goods sold has regularly been 70% of sales. Amortization is $19,000 per month. Selling and administrative expenses are expected to be 13 percent of sales (and also paid as incurred). The tax rate is 42 percent. There will be payments on Notes Payable of $337,500 in each of February and May. Income taxes of $169,000 are due in April Dividends of $11,250 and interest of $135.000 ( 3 months of interest) are payable in January and April. SOLARK INC Balance Sheet (Estimated) December, 2022 ( $ thousands) Required: Using the information above, construct an pro forma MONTHLY Income Statement and cash budget for the six-month period (January to June 2023). Identify if there will be any need for short-term financing. Also, comment on the policy changes and potential consequences if the collection period had remained at 60 days. Assume capital assets are sufficient for increased sales. Bonus Mark Prepare a monthly pro forma Balance Sheet (i.e. six months ending June 2023). No accounts are effected other than those shown above