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Dig are the sole shareholder and operator of a small, incorporated business that purchases off-brand Digital watches and re-sells them. You started your business five years ago. The following data have been assembled to assist in the preparation of the master budget for the first quarter (January. February and March) of 202. As of December 31,201, your company had the following balance sheet: Company information: 1. The company sells each watch for $310. 2. Actual sales were as follows: 1. November 250 units 2. December 450 units. 3. Projected sales are as follows: 1. January are 450 units, 2. 400 for February, 3. 350 for March, 4. and 325 for Aprii. 4. Sales are all on account and 15% of the cash for sales is collected in the month of sale, 55% is collected in the following month, and the remaining 30% is collected in the month after that. 6. The company purchases enough units each month to cover the current month's sales and maintain an ending inventory equal to 50% of the following month's projected saies. Each unit cosis the company $190 inventory purchases are paid for in the month following purchase. 6. The company is expected to incur and pay fixed operating expenses of $4,000 per month. 7. On August 1,20X1, the company paid $6,000 for one year's insurance coverage. 8. Variable operating expenses are projected to be 10% of sales and are peid in the month incurred. Dig are the sole shareholder and operator of a small, incorporated business that purchases off-brand Digital watches and re-sells them. You started your business five years ago. The following data have been assembled to assist in the preparation of the master budget for the first quarter (January. February and March) of 202. As of December 31,201, your company had the following balance sheet: Company information: 1. The company sells each watch for $310. 2. Actual sales were as follows: 1. November 250 units 2. December 450 units. 3. Projected sales are as follows: 1. January are 450 units, 2. 400 for February, 3. 350 for March, 4. and 325 for Aprii. 4. Sales are all on account and 15% of the cash for sales is collected in the month of sale, 55% is collected in the following month, and the remaining 30% is collected in the month after that. 6. The company purchases enough units each month to cover the current month's sales and maintain an ending inventory equal to 50% of the following month's projected saies. Each unit cosis the company $190 inventory purchases are paid for in the month following purchase. 6. The company is expected to incur and pay fixed operating expenses of $4,000 per month. 7. On August 1,20X1, the company paid $6,000 for one year's insurance coverage. 8. Variable operating expenses are projected to be 10% of sales and are peid in the month incurred