Solution File XYZ Company Three-Month Master Budget XYZ Company Balance Sheet, December 31 Information: \begin{tabular}{|c|c|c|c|} \hline \multicolumn{3}{|l|}{ Estimated sales in units of Product X } & \\ \hline January & & 7,000 & \\ \hline February & & 8,000 & \\ \hline March & & 11,000 & \\ \hline April & & 8,000 & \\ \hline May & & 7,000 & \\ \hline Selling price & & $110 & \\ \hline \multicolumn{4}{|l|}{ Collections from customers } \\ \hline Collect in month of sale & & 55% & \\ \hline Collect the following month & & 40% & \\ \hline \multicolumn{4}{|l|}{ Desired FG inventory } \\ \hline (\% of next month's unit sales) & & 20% & \\ \hline \multicolumn{4}{|l|}{ Desired raw material inventory } \\ \hline (\% of next month's production needs) & & 25% & L \\ \hline \multicolumn{4}{|c|}{ Raw material units needed to produce one final product } \\ \hlineM1 & & 8 & \\ \hline \multicolumn{4}{|l|}{ BI units \& cost } \\ \hline Product X & & 1,400 & \\ \hline M1 & & 14,400 & $7.00 \\ \hline \multicolumn{4}{|l|}{ Purchases } \\ \hline Paid in month of purchase & & 100% & \\ \hline Direct labor time to produce one Product X & & 0.5 & hours \\ \hline Cost of direct labor & & $24 & per hour \\ \hline Factory overhead & & $12 & per direct labor hr. \\ \hline Selling and administrative expenses & & $10,000 & fixed \\ \hline & & 15% & variable \\ \hline Plant and equipment depreciation & & $12,000 & per year \\ \hline \end{tabular} Create the requisite budgets listed below for Jan, Feb, March Sales \& Production Material Purchase Direct Labor \& FOH S \& A Cash Create a new tab for each as listed above Link and use formulas