prepare the third-quarter budget. You have the following information: 1. The budgeted selling price for the year is $4.99 per unit. Sales volumes are budgeted as follows for the last month of quarter two, for all of quarter three, and for part of quarter four. 5. Posey's pays for 40% of its purchases in the month of purchase and 60% the month after purchase. Total budgeted purchases in March are $20,000. 6. Posey's ending cash balance on June 30 was $57,950. 7. Posey's non-production cash disbursements are estimated at $80,000 per month. Percentage of Purchase Payments \begin{tabular}{|l|l|} \hline Month of purchase & [Insert value] \\ \hline Month after purchase & [Insert value] \\ \hline Budgeted purchases - October & [Insert value] \end{tabular} Other cash disbursements per month [Insert value] Beginning cash balance - July [Insert value] Posey's Pet Emporium Budget Data Budgeted selling price [Insert value] Sales Volume Budgets June [Insert value] July [Insert value] August [Insert value] September [Insert value] October [Insert value] Percentage of Sales Cash sales [Insert value] Credit collected in Month of sale [Insert value] Following month [Insert value] Uncollectable [Insert value] following month's sales FG (finished goods) inventory goal [Insert value] volume Target ending inventory DM (direct materials) [Insert value] Pounds per completed unit of DM [Insert value] Expected cost per pound [Insert value] Posey's Pet Emporium Selling price [Insert formula] Less: Target gross margin percentage [Insert formula] Cost of goods sold [Insert formula] Less: DM cost per unit [Insert formula] Additional cost per unit to cover DL and MOH [Insert formula]