PREPARE THE 2023 THIRD QUARTER MASTER BUDGET FOR BEST FRAMES INCLUDING THE FOLLOWING: Prepare the Schedule of Expected Collection from Customers for the third quarter Best Frames Ltd. Best Frames Ltd is a worldwide musical part manufacturing firm based in North America. After many years in the market, the Peterborough division, which produces one product called "Best Frames Stand," reached a spike in sales level. The Management wants to have a significant investment to expand the facility and increase production, but it is requesting that the division prepare a budget for the third quarter of 2023 . The selling price is $1. 1. From previous experience, Management has determined that finished goods ending inventory equal to 25% of the next month's unit sales are required to fit the buyer's demands. 2. The Best Frames Stand requires one type of raw material: Plastic. - Each Best Frames Stand requires 1.6 kilograms of Plastic at the cost of $1.75 per kilogram. - The supplier of Plastic tends to be somewhat erratic, so Best Frames Ltd finds it necessary to maintain an inventory balance equal to 20% of the material needed for the next month as a precaution against stock-outs. The direct material on June 30 is 43,600 Kg. 3. The beginning accounts payable will consist of $193,620. 4. Best Frames Ltd pays for 60% of a month's purchases in the month of purchase and 40% in the following month. 5. The manufacturing overhead is based on direct labour hours. The workers receive an average of $18.00 per hour, including emplovee benefits. Each Best Frames Stand takes 15 minutes to complete. 6. Best Frames Ltd allocates the manufacturing overhead based on direct labour hours; The variable manufacturing overhead is as follows: Maintenance $0.40; Utilities $0.60; Indirect Labor $0.60; Indirect materials $0.40 7. The Monthly Fixed manufacturing overhead costs are as follows: 8. Best Frames Ltd allocates the selling and administration expenses based on unit sales; The variable selling and administration rate is $1.5 per unit of sales. 10. Sales are on account (credit); 60% of the sales are collected during the month of sales and 40% the following month. This was the same collection pattern as in previous years. 11. In August, $500,000 of new equipment to update operations will be purchased with cash. In addition, at the end of each quarter, the company pays $250,000 in dividends. 12. Three months' insurance is prepaid on the first day of the first month of the quarter. At the beginning of each quarter, the company pays $8,850. Property taxes are paid at the beginning of each quarter