Problem 1 Sales Budget Valley Manufacturing makes and sells a single product that has seasonal variations in demand with peak sales occurring in the fourth quarter. Valley operates on a calendar year basis. The following information is related to the first 2 quarters of 2022. The company's single product sells for $500 per unit; however the company intends to raise the selling price to $520 at the beginning of the second quarter. Budgeted sales in units for the first 2 quarters of 2022 are as follows: Quarter 1 16,000 Quarter 2 18,000 Budgeted sales in units Prepare a sales budget in good form for quarter 1 and quarter 2. The totals for the six month period combined are not needed. I Problem 2 Cash Collections from Customers All of Black Horse Corp. sales are done on a credit basis with its customers. The customers typically pay the company 75% in the quarter of the sale and the remaining 25% in the following quarter. Black Horse Corp. is on a calendar year basis and at the end of 2021, the budgeted balance sheet shows $1,000,000 for outstanding accounts receivable, all of which are expected to be collected in the first quarter of 2022. Sales for the first 2 quarters of 2022 are budgeted to be: $6,000,000 in quarter 1 and $6,200,000 in quarter 2. Prepare the cash collection schedule for the first 2 quarters of 2022 for Black Horse Corp