Please help with number 2 and 3: the cash budget, budgeted income statement, and the budgeted balance sheet, I have figured out the rest. Thank you

Question Grant Shew is the product manager at Yummi-Lik. Yummi-Lik sells really big lollipops in two sizes, large and giant lollipops to convenience stores, at fairs, and to schools for fundraisers, as well as a bulk channel on the internet. The lollipops are handmade, mostly out of sugar, and attached to wooden sticks Grant is preparing the sales budget for the summer, knowing a successful sales scason will have a big impact on his performance review. Expected sales are bascd on past experience. Other information for the month of June follows: Input Prices Direct materials |$0.50 per kilogram (Ib) $0.30 each Sugar Sticks Direct manufacturing labour 0.008 per direct manufacturing labour-hour Input quantities per unit of output Giant Large Direct materials Sugar Sticks 0.50 lb 0.25 lb 1 Direct manufacturing labour-hours (DMLH) 0.20 hours 0.08 0.25 hours 0.09 hours hours Setup-hours per batch Inventory information, direct materials Sugar 125 lb Sticks 350 Beginning inventory Target ending inventory Cost of beginning inventory 240 lb 480 $64 s105 Yummi-Lik accounts for direct materials using a FIFO cost flow assumption. Sales and inventory information, finished goods Large 3,000 S3 Giant Expected sales in units Selling price Target ending inventory in units 1,800 $4 300 180 Beginning inventory in 200 150 units Beginning inventory in dollars $500 S474 Yummi-Lik uses a FIFO cost flow assumption for finished-goods inventory All the lollipops are made in batches of 10. Yummi-Lik incurs manufacturing overhead costs, and marketing and general administration costs, but customers pay for shipping. Other than manufacturing labour costs, monthly processing costs are very low. Yummy-Lik uses ABC and has classified all overhead costs for the month of June as shown in the following chart Cost Type Denominator Activity Rate Manufacturing: $20 per setup-hour -Setup Setup-hours Direct manufacturing labour hours (DMLH) Processing $1.70 per DMLH Non-manufacturing: 10 % Marketing and general administration Sales revenue Required Grant needs to prepare a full set of budgets for June a. Revenue budget b. Production budget in units c. Direct material usage budget and direct material purchases budget d. Direct manufacturing labour cost budget e. Manufacturing overhead cost budgets for processing and setup activities f. Budgeted unit cost of ending finished goods inventory and ending inventories budget g. Cost of goods sold budget h. Marketing and general administration costs budget 1. Grant knows that 80 % of sales are on account, of which half are collected in the month of the sale, 49% are collected the following month, and 1 % are never collected and written off as bad debts, which has an impact on net revenues. In addition to this, all purchases of materials are on account. Yummi-Lik pays for 70 % of purchases in the month of purchase and 30 % in the following month. However, all other costs are paid in the month incurred. Knowing this, Grant has to create 2. A cash budget for Yummi-Lik for Junc. 3. A budgeted income statement for June and budgeted balance sheet for Yummi-Lik as of June 30 The following information is necessary Yummi-Lik's balance sheet for May 31 follows. Use it and the following information to prepare a cash budget for Yummi-Lik for June. Yummi-Lik is making monthly interest payments of 1% (12 % per year) on a $20,000 long-term loan Yummi-Lik plans to pay the $500 of taxes owed as of May 31 in the month of June. Income tax expense for June is zero. II II 40% of processing and setup costs, and 30 % of marketing and general administration costs, are depreciation IV Yummi-Lik Balance Sheet ay 31 Assets Cash $587 $4,800 Accounts receivable Less: Allowance for bad debts 96 4,704 Inventories: Direct materials 169 Finished goods 974 Fixed assets 190,000 Less: Accumulated depreciation Total assets 55,759 134,241 $140,675 Liabilities and Equity Accounts payable Taxes payable Interest payable Long-term payable $696 500 200 20,000 Common shares 10,000 Retained earnings Total liabilities and equity 109,279 $140,675 Question Grant Shew is the product manager at Yummi-Lik. Yummi-Lik sells really big lollipops in two sizes, large and giant lollipops to convenience stores, at fairs, and to schools for fundraisers, as well as a bulk channel on the internet. The lollipops are handmade, mostly out of sugar, and attached to wooden sticks Grant is preparing the sales budget for the summer, knowing a successful sales scason will have a big impact on his performance review. Expected sales are bascd on past experience. Other information for the month of June follows: Input Prices Direct materials |$0.50 per kilogram (Ib) $0.30 each Sugar Sticks Direct manufacturing labour 0.008 per direct manufacturing labour-hour Input quantities per unit of output Giant Large Direct materials Sugar Sticks 0.50 lb 0.25 lb 1 Direct manufacturing labour-hours (DMLH) 0.20 hours 0.08 0.25 hours 0.09 hours hours Setup-hours per batch Inventory information, direct materials Sugar 125 lb Sticks 350 Beginning inventory Target ending inventory Cost of beginning inventory 240 lb 480 $64 s105 Yummi-Lik accounts for direct materials using a FIFO cost flow assumption. Sales and inventory information, finished goods Large 3,000 S3 Giant Expected sales in units Selling price Target ending inventory in units 1,800 $4 300 180 Beginning inventory in 200 150 units Beginning inventory in dollars $500 S474 Yummi-Lik uses a FIFO cost flow assumption for finished-goods inventory All the lollipops are made in batches of 10. Yummi-Lik incurs manufacturing overhead costs, and marketing and general administration costs, but customers pay for shipping. Other than manufacturing labour costs, monthly processing costs are very low. Yummy-Lik uses ABC and has classified all overhead costs for the month of June as shown in the following chart Cost Type Denominator Activity Rate Manufacturing: $20 per setup-hour -Setup Setup-hours Direct manufacturing labour hours (DMLH) Processing $1.70 per DMLH Non-manufacturing: 10 % Marketing and general administration Sales revenue Required Grant needs to prepare a full set of budgets for June a. Revenue budget b. Production budget in units c. Direct material usage budget and direct material purchases budget d. Direct manufacturing labour cost budget e. Manufacturing overhead cost budgets for processing and setup activities f. Budgeted unit cost of ending finished goods inventory and ending inventories budget g. Cost of goods sold budget h. Marketing and general administration costs budget 1. Grant knows that 80 % of sales are on account, of which half are collected in the month of the sale, 49% are collected the following month, and 1 % are never collected and written off as bad debts, which has an impact on net revenues. In addition to this, all purchases of materials are on account. Yummi-Lik pays for 70 % of purchases in the month of purchase and 30 % in the following month. However, all other costs are paid in the month incurred. Knowing this, Grant has to create 2. A cash budget for Yummi-Lik for Junc. 3. A budgeted income statement for June and budgeted balance sheet for Yummi-Lik as of June 30 The following information is necessary Yummi-Lik's balance sheet for May 31 follows. Use it and the following information to prepare a cash budget for Yummi-Lik for June. Yummi-Lik is making monthly interest payments of 1% (12 % per year) on a $20,000 long-term loan Yummi-Lik plans to pay the $500 of taxes owed as of May 31 in the month of June. Income tax expense for June is zero. II II 40% of processing and setup costs, and 30 % of marketing and general administration costs, are depreciation IV Yummi-Lik Balance Sheet ay 31 Assets Cash $587 $4,800 Accounts receivable Less: Allowance for bad debts 96 4,704 Inventories: Direct materials 169 Finished goods 974 Fixed assets 190,000 Less: Accumulated depreciation Total assets 55,759 134,241 $140,675 Liabilities and Equity Accounts payable Taxes payable Interest payable Long-term payable $696 500 200 20,000 Common shares 10,000 Retained earnings Total liabilities and equity 109,279 $140,675