Please help me do 4 to 8!!!.

Okay Company is preparing to build its master budget. The budget will detail each quarters 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 2018 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 $50 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. Okays 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. Okays ending inventory policy is 40% of the following quarters inventory needs. Desired ending inventory for 4th Qtr is $74,000.

g. Okay buys inventory on account. The purchases are paid for in full the quarter following the purchase.

h. Selling and administrative expenses total $15,000 per quarter, which includes $2,500 depreciation. All selling and administrative expenses requiring cash payments are paid for in the month incurred.

Required: Prepare the following budgets for Okay Company for all 4 quarters and yearly total:

1. Sales budget

2. Sales Type

3. Cash Collections of Sales

4. Inventory purchases budget

5. Cash Payments of Inventory

6. Selling and Administrative expenses budget

7. Cash Payments of Selling and Administrative expenses

8. Cash budget

!

Requirement #4 Inventory Purchases Budget Quarter 2 Quarter 3 Quarter 1 Quarter 4 Total Total Sales Revenue X CGS % CGS Plus: Desired ending inventory $ 74,000.00 $ 74,000.00 Less: Beginning inventory TOTAL Quantity of Inventory to purchase Requirement #5 Cash Payments for Inventory Purchases to be used in the Cash Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total Cash Payments for DM Purchases Requirement #5 Cash Payments for Inventory Purchases to be used in the Cash Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total Cash Payments for DM Purchases Requirement #6 Selling and Administrative Expense Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total S&A exp. Budget Requirement #7 Cash payments of Selling and Administrative Expenses to be used in the Cash Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total S&A exp. Less: Op. Exp. Deprec. (non-cash item) Total Op. Exp. paid for in Cash Requirement #8 Cash Budget Quarter 2 Quarter 3 Quarter 1 Quarter 4 Total Beg. Cash $ $ Plus: Collections from Sales Less: Inventory Payments Less: Payments for S&A Expenses Ending Cash Requirement #4 Inventory Purchases Budget Quarter 2 Quarter 3 Quarter 1 Quarter 4 Total Total Sales Revenue X CGS % CGS Plus: Desired ending inventory $ 74,000.00 $ 74,000.00 Less: Beginning inventory TOTAL Quantity of Inventory to purchase Requirement #5 Cash Payments for Inventory Purchases to be used in the Cash Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total Cash Payments for DM Purchases Requirement #5 Cash Payments for Inventory Purchases to be used in the Cash Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total Cash Payments for DM Purchases Requirement #6 Selling and Administrative Expense Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total S&A exp. Budget Requirement #7 Cash payments of Selling and Administrative Expenses to be used in the Cash Budget Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total S&A exp. Less: Op. Exp. Deprec. (non-cash item) Total Op. Exp. paid for in Cash Requirement #8 Cash Budget Quarter 2 Quarter 3 Quarter 1 Quarter 4 Total Beg. Cash $ $ Plus: Collections from Sales Less: Inventory Payments Less: Payments for S&A Expenses Ending Cash