Sales: November, $2022$ Actual Sales were $1,500,000$ and December, $2022$ Actual Sales were$2,100,000$ nBudgeted Sales for the first $5$ months of $2023$ are: nJanuary $30,000$ units nFebruary $40,000$ units nMarch $50,000$ units nApril $45,000$ units nMay $35,000$ units nBudgeted selling price is $(60)/()$ unit nThe company wants to maintain a finished goods inventory equal to $40\%$ of next month's budgeted units of sales. nAll purchases of materials are made on account. $30\%$ of the month's purchases are paid in the month of purchase and the remaining $70\%$ are paid the following month. nEach unit of production requires $2$ direct labor hours. The direct labor rate per hour is$(6)/()$ hour and all labor costs are paid by the end of the month. nVariable manufacturing overhead per direct labor hour is $2.$ The budgeted monthly fixed manufacturing overhead is$200,000$ which includes monthly depreciation of $25,000.$The company will be acquiring some additional equipment in the first quarter of the year. They will purchase equipment for$300,000$ in cash in January. nDividends of $150,000$ will be paid out in March. nrepayment of the principal and interest will occur at the end of the month. Borrowings and repayments are done in increments of$5,000.$ nREQUIRED: nPrepare the sales budget for each month of the first quarter. nPrepare the schedule of expected cash collections for each month of the first quarter. nPrepare the production budget for each month of the first quarter. nPrepare the direct materials budget for each month of the first quarter. nPrepare the schedule of cash payments to suppliers for each month of the first quarter. nPrepare the direct labor budget for each month of the first quarter. nPrepare the manufacturing overhead budget for each month of the first quarter. nPrepare the selling and administrative expense budget for each month of the first quarter. nPrepare the cash budget for each month of the first quarter. nPrepare the budgeted income statement for the full quarter. nPrepare the budgeted balance sheet as of March $31,2023.-$ Variable selling expenses per unit sold are $ $2/$ unit. The budgeted monthly fixed selling and administrative expenses are $ $120,000$ which includes monthly depreciation of $ $20,000.-$ The company will be acquiring some additional equipment in the first quarter of the year. They will purchase equipment for $ $300,000$ in cash in January. $-$ Dividends of $ $150,000$ will be paid out in March. repayment of the principal and interest will occur at the end of the month. Borrowings and repayments are done in increments of $ $5,000.$ REQUIRED: $1.$ Prepare the sales budget for each month of the first quarter. $(25$ points$)2.$ Prepare the schedule of expected cash collections for each month of the first quarter. $(25$ points$)3.$ Prepare the production budget for each month of the first quarter. $(25$ points$)4.$ Prepare the direct materials budget for each month of the first quarter. $(25$ points$)5.$ Prepare the schedule of cash payments to suppliers for each month of the first quarter. $(25$ points$)6.$ Prepare the direct labor budget for each month of the first quarter. $(25$ points$)7.$ Prepare the manufacturing overhead budget for each month of the first quarter. $(25$ points$)8.$ Prepare the selling and administrative expense budget for each month of the first quarter. $(25$ points$)9.$ Prepare the cash budget for each month of the first quarter. $(50$ points$)10.$ Prepare the budgeted income statement for the full quarter. $(75$ points$)11.$ Prepare the budgeted balance sheet as of March $31,2023.(75$ points$)$