This is a new company. Question: create a first-year cash budget, three-year balance sheet, and three-year income statement. The first-year budget should be broken down monthly. Details are below:

COGS are 15.60 per unit

Direct labor is 1.30 per unit

Patent 14000 (one time fee)

Bank loan 300000

Repayment period 6 years

Interest rate 4%

Estimated production 510 per month

Product cost 85.95

Product Cost Analysis Direct Materials Unit from supplier packaging case shipping box for product COGS Cost per unit $12.35 $3.00 $0.25 $15.60 Direct labor per unit Employee $1.30 Manufacturing cost per unit $51.30 Manufacturing overhead (see below) $34.40 yr 1 Manufacturing overhead - estimated Patent (one time) QB cox bundle coodinator and benefits rep and benefits import taxes card processing fees rent, utilities, ins shipping costs total $14,000.00 $761.00 $1,804.00 $62,400.00 $35,360.00 $2,205.00 $15,471.001 $38,400.00 $36,000.00 $206,401.00 estimated production (510/month) 6120 predetermined overhead rate $33.73 Contribution margin for Jan. V V V Total Per unit $43,834.50 85.95 $7,956.00 $1,530.00 $127.50 $183.75 $1,289.25 $3,200.00 $3,000.00 $663.00 $17,949.50 $32.69 $25,885.00 $53.26 $14,000.00 $63.42 $151.17 $5,208.33 $2,946.67 $22,369.58 $3,515.42 Sales Unit from supplier packaging case shipping box for product import taxes card processing fees rent, utilities, ins shipping costs employees Less: Variable costs Contribution margin Patent QB cox bundle coodinator and benefits rep and benefits Less: Fixed Expenses Net operating V V V V V F F 11 11 F Product Cost Analysis Direct Materials Unit from supplier packaging case shipping box for product COGS Cost per unit $12.35 $3.00 $0.25 $15.60 Direct labor per unit Employee $1.30 Manufacturing cost per unit $51.30 Manufacturing overhead (see below) $34.40 yr 1 Manufacturing overhead - estimated Patent (one time) QB cox bundle coodinator and benefits rep and benefits import taxes card processing fees rent, utilities, ins shipping costs total $14,000.00 $761.00 $1,804.00 $62,400.00 $35,360.00 $2,205.00 $15,471.001 $38,400.00 $36,000.00 $206,401.00 estimated production (510/month) 6120 predetermined overhead rate $33.73 Contribution margin for Jan. V V V Total Per unit $43,834.50 85.95 $7,956.00 $1,530.00 $127.50 $183.75 $1,289.25 $3,200.00 $3,000.00 $663.00 $17,949.50 $32.69 $25,885.00 $53.26 $14,000.00 $63.42 $151.17 $5,208.33 $2,946.67 $22,369.58 $3,515.42 Sales Unit from supplier packaging case shipping box for product import taxes card processing fees rent, utilities, ins shipping costs employees Less: Variable costs Contribution margin Patent QB cox bundle coodinator and benefits rep and benefits Less: Fixed Expenses Net operating V V V V V F F 11 11 F