Question 3 Jenny owns a large-scale swimming school Women On Water. To become a member and student, individuals need to sign up for membership, of which there are three levels: Gold, Silver and Bronze. Jenny has come to you for help in preparing her budgets for the next 12 months, ending 31 July 2022. Based on expert marketing analysis, the number of memberships sold next year is expected to be 150 Gold, 100 Silver and 400 Bronze, and the membership fee is $5000, $2000 and $1000, respectively. Gold members have 24-hour-a-day access, including to night access to facilities; Silver members have daily access from 9 a.m. to 5 p.m., and Bronze members have access on weekends between 11 a.m. and 4 pm. Jenny has hired a number of employees (10) on various salaries: 1 coaching director $150 000 per year 3 coaches $90 000 each per year 2 trainers $90 000 each per year 3 administrative staff $80 000 each per year 1 medical staff $70 000 per year Jenny expects these operating expenses for the following 12 months: Advertising expenses $30 000 Insurance expense $100 000 Pool supplies $50 per student per year Rental of pool $300 000 per year Required: Prepare - a. a Sales Budget for the year ending 31 July 2022. [2 marks] b. a Labour Budget for the year ending 31 July 2022. [4 marks] c. a budgeted Income Statement for the year ending 31 July 2021 [9 marks] {Total for Question 3 = 15 marks}