solve the above question and fill the Below sheet

1. Budgeted sales for the next four months are as follows: July 20,000 August 30,000 September 22,000 October 21,000 The selling price is $50.00 per unit. Sales are 75% on credit & 25% cash. Of the credit sales 60% are collected in month of sale & 40% are collected in subsequent month. 2. The accounts receivable at June 30, 2021 of $417,870 will be collected in July. 3. The company produces enough units each month to meet the months sales plus a desired ending inventory equal to 20% of the next month's estimated sales. 4. Fore pays 40% of direct materials in the month of purchase & pays the remaining 60% in following month. Each unit of product requires 8 kg of direct materials at a cost of $1.25 The company purchases enough direct materials each month for the current month's pro and 15% of next month's production requirements. Beginning & ending inventory for the of direct materials are budgeted to be 33,000 for beginning & 20,000 for ending. 5. The Accounts payable balance at June 30 of $146,200 will be paid in July. 6. The company plans to pays dividends of $10,000 in July & September. 7. Fore plans to purchase equipment for $15,000 in August & $25,000 in September. 8. Each unit produced requires 1 hours of direct labour at a cost of $20/hour. 9. The company wishes to maintain a minimum cash balance of $20,000 at the end of each 10. The company has an agreement with the local bank that allows them to borrow up to $ The interest rate on the loans is 6% and there are no loans outstanding at June 30. All borrowing is done at the start of the month and all repayments are made at the end of the 11. The cash balance at June 30, 2021 is budgeted to be $21,000. Required: Using the excel file included in the assignment complete the following budgets for the third quarter of 2021 for Fore Manufacturing Limited (July, August, September). Sales Budget & Schedule of Expected Cash Collections Production Budget Direct Materials - Purchases & Cash Disbursements Budget Direct Labour Budget Cash Budget Total Total Total Total 1 FORE MANUFACTURING LIMITED 2 SALES BUDGET 3 4 5 July August September 6 7 es in units 8 9 ling price per unit 10 11 al budgeted sales 12 13 14 SCHEDULE OF EXPECTED CASH COLLECTIONS 15 16 July August September 17 18 sh sales 19 20 21 22 23 24 25 al cash collections 26 27 28 PRODUCTION BUDGET 29 30 July August September 31 32 igeted sales in units 33 34 sired ending inventory 35 36 al needs 37 38 ginning inventory 39 40 quired production (units) 41 42 43 44 45 46 47 DIRECT MATERIALS PURCHASES BUDGET 48 49 July August September 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR RAW MATERIALS 70 71 July August September 72 73 counts payable 74 75 y purchases 76 gust purchases 77 atember purchases 78 79 al cash disbursements 80 81 91 92 93 DIRECT LABOUR BUDGET 94 95 July August September 96 97 ts to be produced 98 99 ect labour time per unit 100 101 al direct labour hours needed 102 103 ect labour cost per hour 104 105 al direct labour cost 106 107 108 CASH BUDGET 109 110 July August September 111 112 sh, opening balance 113 114 i cash collections 115 116 sh available 117 118 is disbursements 119 rect Materials 120 rect Labour 121 anufacturing overhead 245,250 283,250 297,250 122 elling & administrative 214,880 202,000 210,500 123 her items: 124 125 126 127 al disbursements 128 129 ess(deficicency) of cash 130 vailable over disbursements 131 132 ancing 133 orrowings 134 epayments 135 terest 136 al financing 137 138 sh, ending balance 139 Total Total Total 825,750 627.380