Please do #3 only with formulas and how it would look on spreadsheet

Prepare the following budgets for a merehandising company. Decide on a name for this company. Follow the format of the budgets shown in chapter 8 of your textbook. The budgets should be in proper format. That is, oach budgot thould be properly labeled and should start and end on one poge without having poge breaks in the middle of a budget. There can be more than one budget or budget schedules on the same page (For exarrple, the Sales Budget and the Schedule of Cash Collections can be an the same page) so long as they completely fit on that same page. You need to put your name and your ID al on the first page of your assignment. This is important as some points may be doducted if this information is missing 1. Prepare a sales budget for January through March and for the Quarter in total. The selling price per unit is $60.00. Use the last five digits in your ID number as basis for the data for budgeted sales in units. Budgeted sales are obtained by multiphying each number in the ID by 10,000 . However, note that if your 10 contains the number 0 use 10 instead (l.e. a 0 is equal to 100,000 .) For example, if the last five digits in your thudent i0 are 14607 , the budgeted sales in units would be: 2. Prepare a purchases budget and the schedule for Disbursements for Purchases for January through March and for the first quarter in total. Assume that the company only solis one product that can be purchased at 545.00 per unit. The market for this product is very competitive and customers highly value quality and on time delivery of the product. Also assume that currently it is company policy that ending inventory should equal 50% of noxt month's projocted sales. 3. Prepare a Selling and Administrative Expense budget 4. Prepare a cash budget for January through March and for the first quarter in total. The company maintains a minimum cash balance of $100,000 and this was the ending cash beiance in the cash acoount on December 31. 5. Prepare the Budgeted income Statement based on data including pertinent computed data from relovant budgets prepared above - Past experience shows that 40% of sales are collected in the month of the sale, and 60% in the month following the sale. - Other expenses include $165,000 per month for ront, $704,000 for advertising, and $176,000 per month for depreciation. - All costs are paid in the current month except inventory purchases, which are paid in the month following the purchase fi.e. January purchases of inventory are paid in February) - The company has an open line of credit with a bank and can borrow at an annual rate of 12%. For simplification assume that all loans are made at the beginning of the month when a borrowing need is identifed and repayments are made at the end of a month when the company has excess cash(ie. this company does not take out additional loans to pay current loans.) - Also, interest associated with a loan is only paid at the time when that loan is paid (l.e. a loan is only paid if there is enough cash to pay off the whole loan, any interest assoclated with it, and the company still has enough cash left over to meet its requirement for the minimum cash balance.) Interest expense if it exist, howover, should be reported in the income statement even when it has not been paid off (please note this instruction is different from what was discussed in the video so take note)