Prepare a cash budget in excel with formulas. Please show explanation for each section on how to get answer.

The necklaces are sold to retailers for $10 each. Recent and forecast sales in units are as follows: The large buildup in sales before and during May is due to Mother's Day. Ending inventories should be equal to 40% of the next month's sales in units. The necklaces cost the company $4 each. Purchases are paid for as follows: 50% in the month of purchase and the remaining 50% in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 20% of a month's sales are collected by month-end. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. The company's monthly selling and administrative expenses are given below: All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance. Insurance s paid on an annual basis, in November of each year. The company plans to purchase $16,400 in new equipment during May and $41,000 in new equipment during June; both purchases will be paid in cash. The company declares dividends of $15,200 each quarter, Jayable in the first month of the following quarter. The company's balance sheet at March 31 is given below: The company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The interest rate on these loans is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month. The company wants a minimum ending cash balance each month of $50,000. All borrowing is done at the beginning of the month, with any repayments made at the end of the month. The interest rate on these loans is 1% per month and must be paid at the end of each month based on the outstanding loan balance for that month. Required: 1. Prepare a master budget for the three-month period ending June 30 . Include the following detailed budgets: a. A sales budget by month and in total. b. A schedule of expected cash collections from sales, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total