Please do sales budget, purchases budget, and selling and admin. budget via Excel (with formulas if possible) Thank you!

Transcribed image text: The Bobcat Beverage Company, Inc. sells a wide variety of beverages and snack foods. Policies and Plans used by The Bobcat Beverage Company, Inc., in budgeting 1. 10% of sales are cash sales, the remaining 90% are credit sales. Credit sales are collected 24% in the month of sale and 76% in the month following sale. 2. Cost of goods sold is budgeted to be 35% of sales. 3. The Bobcat Beverage Company, Inc. plans to end each month with inventory levels equal to 12% of the next month's cost of sales. 4. The company pays for 78% of the purchases of merchandise in the month of the purchase and 22% in the following month. 5. The Bobcat Beverage Company, Inc. pays a sales commission of 7.5% on all sales. The selling commission is paid in the month after the salesmen earn the commission. 6. The company believes that advertising expense is a mixed cost. Based on an analysis of data from previous years, they determine that the best estimate of advertising expense is 15.5% of sales plus $80,000. 7. The company pays all of its advertising expense in the month AFTER it is incurred. 8. The Bobcat Beverage Company, Inc. estimates its general and administrative expenses to be equal to 13% of budgeted sales plus $50,000. The general and administrative expenses are paid in the month in which they are incurred. 9. Depreciation is $10,000 per month on the property, plant and equipment owned on August 31, 2021 for the period of this budget. 10. On July31,2021, the company purchased and paid cash of $30,000 for a twelvemonth policy covering the period August 1, 2021 to July 31, 2022 and recorded the cost in Prepaid Insurance. 11. On September 1 Bobcat signed a one-year lease for additional storage space. As part of the rental agreement Bobcat will make quarterly rental payments of $4,500, with the first payment made on September 1 when the lease was signed. Bobcat began using the space on September. 12. On September 15,2021 , the company purchased Land for $260,000, paying cash.Transcribed image text: The Bobcat Beverage Company, Inc. sells a wide variety of beverages and snack foods. Policies and Plans used by The Bobcat Beverage Company, Inc., in budgeting 1. 10% of sales are cash sales, the remaining 90% are credit sales. Credit sales are collected 24% in the month of sale and 76% in the month following sale. 2. Cost of goods sold is budgeted to be 35% of sales. 3. The Bobcat Beverage Company, Inc. plans to end each month with inventory levels equal to 12% of the next month's cost of sales. 4. The company pays for 78% of the purchases of merchandise in the month of the purchase and 22% in the following month. 5. The Bobcat Beverage Company, Inc. pays a sales commission of 7.5% on all sales. The selling commission is paid in the month after the salesmen earn the commission. 6. The company believes that advertising expense is a mixed cost. Based on an analysis of data from previous years, they determine that the best estimate of advertising expense is 15.5% of sales plus $80,000. 7. The company pays all of its advertising expense in the month AFTER it is incurred. 8. The Bobcat Beverage Company, Inc. estimates its general and administrative expenses to be equal to 13% of budgeted sales plus $50,000. The general and administrative expenses are paid in the month in which they are incurred. 9. Depreciation is $10,000 per month on the property, plant and equipment owned on August 31, 2021 for the period of this budget. 10. On July31,2021, the company purchased and paid cash of $30,000 for a twelvemonth policy covering the period August 1, 2021 to July 31, 2022 and recorded the cost in Prepaid Insurance. 11. On September 1 Bobcat signed a one-year lease for additional storage space. As part of the rental agreement Bobcat will make quarterly rental payments of $4,500, with the first payment made on September 1 when the lease was signed. Bobcat began using the space on September. 12. On September 15,2021 , the company purchased Land for $260,000, paying cash