QUESTION 3 The sales budget is provided below for the product of Company ABC. 1. Jan 20,000 units Feb 30,000 units Mar 20,000 units Apr 30,000 units May 40,000 units 2. Finished goods at the end of each month must be 10% of the next month's budgeted sales. . On Dec 31 of the last year, the finished goods totaled 5,000 units. The selling price is $1 per unit. 50% of the credit sales are collected in the month of sale, 35% in the month following sale, and the remainder are uncollectible. Prepare a budget showing the required production each month for January, February, March, and the quarter. (5 marks) Prepare the cash collection for each month for January, February, March, and the quarter