Sales Cost of sales Operational expenses Stock turnover period Debt collection period Historical figure Budgeted figure Comments with reasons You are provided with the following historical financial information based on 30 June 2021 financial statements of ABC Company: Gross profit: $8,000,000 Gross profit margin: 70% Operating income margin: 6% Net income margin (before tax): 3% Corporate tax rate: 30% Debtor collection period: 30 days Creditor payment period: 60 days Stock turnover days: 90 days ABC Company also provides you with the following budget information for the period 1 July 2021 to 30 June 2022: Sales: $15,000,000 Opening stock 1 July 2021: $800,000 Closing stock 30 June 2022: $500,000 Cost of sales: $4,500,000 Operational expenses: $8,000,000 Debtor collection: 30 days = 50% and 60 days = 50% Creditor payment: 30 days = 25%, 60 days = 25%, and 90 days = 50%. b. Use the information above to complete the table and comment on the realism of the budgeted figures of ABC Company by considering the historical figures and the fact that the business is operating in a very competitive market. (5 marks) Amount Sales Less: Cost of goods sold Gross profit Less: Operating expense $11,428,571.43 $3,428571.43 $8,000,000 $7,314,285.76 Operating income $685,714.29 Less: Interest payment $342,857.14 Net income before tax $342,857.14 Less: Tax $102,857.14 Net income after tax $240,000