The Business Situation:Helmex Corporation, a leading helmet manufacturer known for its innovative designs and safety features, is gearing up for its annual strategic planning session. The management team wants to ensure that the company is well$-$positioned to meet market demand, manage its resources effectively, and maintain financial health in the competitive market of sports and safety equipment. The company has historically seen peak sales in the third quarter, aligning with the start of many sports seasons and increased consumer focus on outdoor activities.In preparation for this planning session, the management team requires detailed financial budgets that will guide their decision$-$making process. The team is aware that accurate budgeting is critical for aligning the companys operational activities with its financial goals and ensuring that Helmex Corporation remains responsive to market conditions.The Chief Financial Officer $($CFO$)$ of Helmex Corporation has provided recent operational data and has outlined specific requirements to the budgeting team, consisting of finance and accounting professionals, and now wants to extend the exercise to the company's interns for educational purposes.As part of your internship with Helmex Corporation, a manufacturer with peak helmet sales in the third quarter, you are given a valuable opportunity to contribute to the company's annual strategic planning session. The management team relies on meticulous financial planning to navigate the competitive market of sports and safety equipment successfully. With the data for the forthcoming year and the first two quarters of the following year at hand, your role is to synthesize this information into actionable financial documents that will steer the company's decisions.By addressing these requirements, you will provide Helmex Corporation with the necessary financial planning tools to optimize their operations and financial management for the upcoming periods. This exercise will also enhance your understanding of the practical application of budgeting in a real$-$world business scenario. The following information concerns operations for Year $2(2023)$ the coming year and for the first two quarters of Year $3(2024)$: a$.$ The companys helmets sell for $$50$ per unit. The budgeted sales in units for the next six quarters $($all sales are on credit$)$ are as follows: YearYear $2$Year $3$Quarter$123412$Budgeted unit sales$35,00055,000120,00045,00075,00085,000$ b$.$ Sales are collected in the following pattern: $70\%$ in the quarter the sales are made, and the remaining $30\%$ in the following quarter. On January $1,$ Year $2(2023),$ Helmex Corporations balance sheet showed $$55,000$ in accounts receivable, all of which will be collected in the first quarter of the year. Bad debts are negligible and can be ignored. c$.$ Helmex Corporation desires an ending finished goods inventory at the end of each quarter equal to $25\%$ of the budgeted unit sales for the next quarter. On December $31,$ Year $1(2022),$ the company had $10,000$ units on hand. REQUIREMENTS $1.$ Prepare a sales budget for Year $2,$ showing both quarterly and total figures$\mathrm{.}2.$ Prepare a schedule of expected cash collections for Year $2,$ showing both quarterly and total figures$\mathrm{.}3.$ Prepare a production budget for Year $2$ and Year $3,$ showing both quarterly and total figures$\mathrm{.}4.$ Discuss how budgeting can guide Helmex Corporation through the competitive sports equipment industry, emphasizing its role in resource allocation, cost management, and strategic planning during peak sales periods$\mathrm{.}5.$ Explain why accurate sales forecasting is essential for Helmex Corporation's budgeting, particularly how it impacts production, inventory, and financial planning for peak third$-$quarter sales