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0. Budgeted monthly absorption costing income stotements for April-July ore: b. Soles ore 20% for cosh and 80% on occount. c. Soles on occount ore collected over s three-month period with 10% coliected in the month of sole; 70% collected in the first month following the month of sale; and the remaining 20% collected in the second month following the month of sale. February's sales totoled $230,000, and Morch's soles totoled $255,000 d. Inventory purchoses are poid for within 15 doys. Therefore, 50% of o month's inventory purchoses are poid for in the month of purchose. The remsining 50% is poid in the following month. Accounts poyoble at March 31 for inventory purchoses during Morch totol $109,200 e. Eoch month's ending inventory must equal 20% of the cost of the merchandise to be sold in the following month. The merchandise invertory ot March 31 is $75,600 t. Dividends of $31,000 will be declored and poid in April. g. Land costing $39,000 will be purchosed for cosh in Moy h. The cosh bolance ot March 31 is $53,000; the compony must maintain a cash balance of at lesst $40,000 at the end of each month. i The company has on agreement with a locol bank that allows the company to borrow in increments of $1.000 at the beginning of each month, Up to a total loan balance of $200,000. The interest rate on these loans is 1% per month and for simplicity we will ossume thet interest is not compounded. The compony would, os for os it is oble, repoy the loen plus occumulated interest at the end of the quorter The compony's president is interested in knowing how reducing inventory levels and collecting occounts receivable sooner wil impoct the cosh budget. He revises the cash collection and ending inventory assumptions os follows. - Soles continue to be 20% for cosh and 80% on credit. However, credit sales from April, Moy, and June are collected over o threemonth period with 25% collected in the month of sole, 05% collected in the month following sale. ond 10% in the second month following sole. Credit soles from February ond Morch ore collected during the second quarter using the collection percentoges specified in the moin section b. The compony mointoins its ending inventory levels for April, Moy, ond June ot 15% of the cost of merchondise to be sold in the following month. The merchandise inventory ot March 31 remains $75,600 ond occounts payable for inventory purchoses at Morch 31 remains $109,200 Required: 1 Using the president's new assumptions in (o) above, prepare o schedule of expected cash collections for Apni, Moy, and June and for the quarter in total 2 Using the president's new ossumptions in (b) obove, prepore the following for merchandise inventory o. A merchondise purchoses budget for April, Moy, and June. b. A schedule of expected cosh disbursements for merchondise purchoses for Aprit, Moy, and June and for the quarter in total. 3. Using the president's new ossumptions, prepore o cosh budget for April, Moy, and June, ond for the quarter in total. Complete this question by entering your answers in the tabs below. Using the president's new assumptions in (a) above, prepare a schedule of expected cash collections for April, May, and June and for the quarter in total. Complete this question by entering your answers in the tabs below. Using the president's new assumptions in (b) above, prepare the following for merchandise inventory, a merchandise purchases budget for April, May, and June. Complete this question by entering your answers in the tabs below. Using the president's new assumptions in (b) above, prepare the following for merchandise inventory, a schedule of expected cash disbursements for merchandise purchases for April, May, and June and for the quarter in total. Using the president's new assumptions, prepare a cash budget for April, Moy, and June, and for the cuarter in total. (Cash deficlens. repayments and interest should be indicated by a minus sign.)