Project Summary: The following data is provided for the company to complete certain parts of the master budget. Project Requirements: Create the following budgets for each quarter and in total for the year. 1. Sales budget 2. Cash collections budget 3. Cash budget Master Budget Data . The budgeted unit sales are 500 units, 700 units, 800 units, and 1,000 units for quarters 1-4, respectively. The budgeted selling price is $50 per unit. . All sales are on credit. 50% percent of credit sales are collected in the quarter of the sale, 35% are collected in the next quarter, and the remainder is collected in the quarter after. The following data is provided to complete the cash collections budget: 1. Q1 cash collection from prior year Q4 sales: $9,000 2. Q1 cash collection from prior year Q3 sales: $2,000 3. Q2 cash collection from prior year Q4 sales: $1,000 The company plans to maintain a minimum cash balance at the end of each quarter of $60,000. If the cash balance is below $60,000, the company will borrow money from the bank to meet their minimum. All borrowings take place on the last day of the quarter, an interest rate of 2.5% per quarter, and principal and interest are paid quarterly. The following data is provided to complete the cash budget: 1. Beginning of the year cash balance: $70,000 2. Q1 total cash disbursements: $26,000 3. Q2 total cash disbursements: $41,250 4. Q3 total cash disbursements: $29,000 5. Q4 total cash disbursements: $38,000 Briefly explain what caused the change in the ending year-end cash balance. Note: When completing the cash budget remember that all borrowings that place on the last day of the quarter and principal and interest payments take place in the next quarter.