The following information is available for Moon Chung Hsu company: $ $ Expected sales Units) June Huly August Selling prica per unit Accounts receivable balance June 1 Accounts payable balance June 1 Desired finished goods inventory August 31 (units) Beginning finished goods Inventory June 1(units) Direct material neededs per unit Desired direct material inventory, August 31 Berning direct material inventory, June 1 Total direct labour time per finished unit Direct material cost per pound Direct labour cost per unit 840 980 1,400 15 6300 2,350 250 270 11 lbs 2,800 lbs 2.700 lbs 3 hours 0.60 8 S $ Additional information: 1) Seventy five percent (75%) of a month's sales is collected by month's end. The remaining 25% is collected in the following month, 2) Sixty percent (60%) of a month's purchases is paid by the month's end. The remaining 40% is paid in the following month. 3) The desired ending finished goods inventory every month is 25% of the next month's sales. 4) The desired ending direct material inventary every month is 20% of the next month's production needs Required: a) What are the two general purposes of budgeting? b) Prepare the sale budget for lune July and August (in dollar Prepare cash collection budget for June July and August in dollars) al Prepare the production budet lar und July and Augustin units Prepare the direct materials budget for one, lly and Austin dollars! Prate the direct labour budget for luna luland August (in dollars