The Iggy Store is a retail fashion outlet. You are the controller of the company. Use the asynchronous content for March 22, 2022, Exercise 8-12, as reference. Prepare a master budget for the months October, November, and December 2022, and for the quarter, using the information provided below. You must use Excel to prepare the budget and submit an Excel workbook. The master budget must include: Schedule of Expected Cash Collections Merchandise Purchases Budget Schedule of Expected Cash Disbursements for Merchandise Purchases Selling and Administrative Expenses Budget Cash Budget Budgeted Income Statement Budgeted Balance Sheet The project will be graded based on accuracy of calculations, proper use of Excel formulas and references, as well as professional formatting. The Iggy Store Balance Sheet as at September 30, 2022 Assets Cash Accounts receivable Inventory Plant and equipment, net Total assets Liabilities Accounts payable Stockholders' Equity Common stock Retained earnings Total liabilities and stockholders' equity Budgeted Sales Revenue: August September October November December January 2022 Budgeted Expenses (per month): Salaries and wages Advertising Depreciation Shipping as a percent of sales Other expenses as a percent of sales Additional Information: Gross profit rate Sales revenue collected in the month of sale first month following the sale second month following the sale Merchandise purchase paid in the month of purchase first month following the purchase second month following the purchase Required minimum inventory as a percent of next month's cost of goods sold $ 15,800 70,000 12,600 200,000 $298,400 Borrowing interest rate (per month) $ 31,320 180,000 87,080 $298,400 $ 60,000 65,000 70,000 85,000 90,000 50,000 $ 7,500 6,000 2,000 6% 4% 40% 20% 50% 30% 40% 40% 20% 30% 1% $ 10,000 Required minimum cash balance Salaries and wages, advertising, shipping, and other expenses are paid in cash in the month incurred. The company plans to purchase equipment in October for $20,000 in cash and pay dividends of $5,000 in December. The company has an agreement with a local bank that allows the company to borrow and repay in increments of $1,000. Interest is paid at the end of every month based on the loan outstanding.