Use your excel spreadsheet, completed as part of Question 1, to complete the following budgets for Bountiful Company. Budget h. Income statement for the quarter ended December 21, Year1 Budget i. Balance sheet as of December 31, Year1 Note: This is one large problem so for full credit all answer boxes must be correct at the same time. If you choose Resubmit from the botton of the page, you will only need to input the numbers you want to change. Submit or resubmit until they are all correct Bountiful is a retail company that sells specialized gardening products. The company is considering opening a new store on October 1, Year1. As budget coordinator, you have been asked to prepare a master budget for the first 3 months of the company's operation. You have gathered the following information: October sales are estimated to be S400000 of which 35 percent will be cash and the remainder will be on credit. The company expects all sales to increase at the rate of 10 percent per month for November and December. Sales in January Year 2 are expected to be $300000 The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a sales budget and a schedule of cash receipts using these facts and your excel template. Check your answers here before moving to the next part, by completing the cells requested in the chart below a. Sales Budget Cash sales Sales on account Total budgeted sales October November December Total-Qtr b. Schedule of Cash Receipts Current cash sales Plus collections from A/R Total collections October November December Total-Qtr The cost of goods sold is 70 percent of sales. The company desires to maintain a minimum ending inventory equal to 20 percent of the next month's cost of goods sold. (Ending inventory for December is based on budgeted January Year2 sales.) Assume that all inventory purchases are made on account (on credit). The company pays 60 percent of accounts payable in the month of purchase and the remaining amount in the following month. In excel, prepare an inventory purchases budget and a cash payments budget for inventory purchases. Use the check figures below before you continue