Question 3: Budget Preparation Jacob Ladder Limited manufactures and sells a rock-climbing suit that has peak sales in the second and fourth quarter of the financial year (i.e., 1 January to 31 December). The following information concerns operations in 2024 - the coming year - and for the first three quarters of 2025: 1) The company's single produce sells for $49 per unit. Budgeted sales in units for the next seven quarters are as follows all sales are on credit) - 01 90.000 2024 02 03 280.000 80.000 04 310.000 01 70.000 2025 02 290.000 03 90.000 Unit Sales ted in the following projected pattern: 55% in the quarter the sales are made, 35% in the following quarter and the remainder in the quarter after. On January 1, 2024, the company's balance sheet showed $360,000 in accounts receivable. Of that balance $200,000 will be collected in the first quarter of 2024 and remainder in second quarter 2024. Bad debts are negligible and can be ignored. 3) The company desires an ending finished goods inventory at the end of each quarter equal to 35% of the budgeted unit sales two quarters in advance. On December 31, 2023 the company had 45,000 units on hand. Required: 1. Prepare the production budget for 2024 and Q1 2025 showing quarterly details and total figures for 2024 2. Prepare the cash collection schedule for 2024