Questions 5-10 need to be completed. All the information should be there to complete the problems.

Rand Co., a new startup business, is preparing budgets for the first quarter 2020 ending March 31. Budgeted sales of the company's only product for the next five months are: January February March 8,600 units 5,500 units 5,800 units 3,800 units 5,400 units April May The selling price is $86 per unit. Prepare the following elements of the master budget for this problem: 1. Sales budget (with a schedule of expected cash collections). Production budget. Direct materials budget (with a schedule of expected cash disbursements for materials). Direct labor budget. 5. Manufacturing overhead budget. Ending finished goods inventory budget. Selling and administrative expense budget. Cash budget. Budgeted income statement. 10. Budgeted balance sheet. Additional Information: The following balances exist on January 1: Land $300,000 Equipment $162,000 Common Stock $480,000 Rand Co., a new startup business, is preparing budgets for the first quarter 2020 ending March 31. Budgeted sales of the company's only product for the next five months are: January February March 8,600 units 5,500 units 5,800 units 3,800 units 5,400 units April May The selling price is $86 per unit. Prepare the following elements of the master budget for this problem: 1. Sales budget (with a schedule of expected cash collections). Production budget. Direct materials budget (with a schedule of expected cash disbursements for materials). Direct labor budget. 5. Manufacturing overhead budget. Ending finished goods inventory budget. Selling and administrative expense budget. Cash budget. Budgeted income statement. 10. Budgeted balance sheet. Additional Information: The following balances exist on January 1: Land $300,000 Equipment $162,000 Common Stock $480,000