March 31 Hammerly Corporation is preparing its master budget for the quarter ending It sells a single product for $35 a unit. Budgeted sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sales. Budgeted unit sales for the next four months follow: March April 1,600 1,400 Sales in units January 1,200 February 1,000 At December 31, the balance in accounts receivable is $10,000, which represents the uncollected portion of December sales. The company desires merchandise inventory equal to 20% of the next month's sales in units. The December 31 balance of merchandise inventory is 340 units, and inventory cost is $10 per unit. Use the charts on the next page to prepare the following portions of the master budget (round all dollar amounts to the nearest whole dollar) for each of the months of January, February, and March. (1) Sales budget Budgeted unit sales Budgeted sales price per unit Budgeted sales revenue (2) Schedule of cash receipts Budgeted sales revenue Cash collected from current month's sales Cash collected from prior month's credit sales Total Expected Cash Receipts (3) Merchandise purchases budget Units Needed: Budgeted unit sales Budgeted ending inventory Total Units needed Budgeted beginning inventory Budgeted purchases Cost per unit Cost of purchases January January January February February February March March March