You are the Management Accountant of Tetra Lid. You have the following information: i. Actual sales (units 2012 May 8000 June 10000 Budgeted sales (units) July 7000 August 7500 September 8000 October 9500 November 11 000 December 9400 ii. Units are sold at a price of $15 per unit. il Sales are made as follows: 40% of total sales are paid for in the month of sale (customers who pay in the month ofsale receive a 2% discount) 60% of total sales are on credit and are paid for in the month after sale iv. Goods are purchased at a cost of $7 per unit, so that inventory at the end of each monthis equal to the next two months' sales. V. Purchases are paid for in the month of purchase vi. Wages of $8 000 per month are paid in the month in which they are earned. The companyhas recently concluded negotiations with the unions representing its workers. The agreement calls for a 5% wage increase, beginning in July vii. Staff are paid a bonus of 2% on all sales in excess of $100 000 each month. The bonus ispaid in the following month. viii. Other expenses currently amount to $12000 per month and are paid in the month inwhich they are incurred. These expenses include depreciation of $3 000 monthly ix. Tetra Ltd will purchase fixed assets for $30 000 in September 2005. These assets will bepaid for in three equal monthly installments, starting in September. The balance at bank on 30 June 2005 is $16000 Required: Prepare the following: i A sales budget for the period July to October 2010 [2 marks) ii. A purchases budget for the period August to October 2010 (6 marks) ili. A cash budget for the period August to October 2010 (12 marks]