Vichy Merchandiser sells baby lotion in Bangkok. The store is about to prepare its budgets for the first quarter of 2022. The following information has been assembled to assist in preparing the store's budgets of the quarter. a. Selected account balances on December 31, 2021 are as follows: Debit Credit Cash........ $ 40,000 Inventory... $ 129,600 Accounts Payable (from inventory Purchased) $ ? Notes Payable $6,000 The notes payable was issued on December 31, 2021. It is a 12% interest rate notes to be paid on March 31, 2022. b. Actual sales and budgeted sales are as follows (sales price per bottle $30) : Actual Sales Budgeted Sales 2021: November $420,000 2022: January $540,000 December $360,000 February $600,000 March $750,000 April $840,000 Sales are 20% for cash and 80% on credit. Sales on credit are collected as follows: - 80% collected in the first month following sales. -15% collected in the second month following sales. -5% is uncollectible Assumption University N c. The store maintains its ending inventory at 40% of the following month's cost of goods sold. d. The purchase cost per bottle of lotion purchased in the quarter is the same as the inventory purchased in 2021 ($ 18 per bottle). Inventory purchases are paid 40% in the month of purchase, and the remaining balance are paid in the following month. e. The store plans to purchase for cash the noncurrent assets as follows: Date of acquisition January 1, 2022 February 1, 2022 Assets Cost Land $ 50,000 Equipment $60,000 Depreciation expense is computed at 12% per annum f. Monthly operating expenses are budgeted and paid when incurred as follows: Sales commission............ Delivery expense........... Salaries expense....................... Advertising expense................. 5% of sales 2% of sales $ 20,000 $5.000 **Depreciation expense... Bad debts expense.. Other expense.... $2,000 ? % of credit sales 1% of sales **Excluding depreciation of assets purchases of data (e). N g. The company must maintain a minimum cash balance of $ 40,000. All borrowings are done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only when principal is repaid. The interest rate is 12% per annum. Required: Fill in the blanks of the following balances for the first quarter of 2022. Fill in only the amount. Dollar sign ($), and comma () are not required. 1. Total gross profit of the quarter. 2. Total operating expenses in the income statement of the first quarter. 3. Total cash disbursements for operating expenses of the quarter. 4. Total inventory purchases of the quarter. 5. Total cash disbursements for inventory purchases in the first quarter. Answer 5. Total cash disbursements for inventory purchases in the first quarter. 6. Total cash collected from sales of the quarter. 7. Total cash disbursements of the quarter. 8. The amount of cash the store will borrow in January. 9. 10. Total cash repayments will be made in March. Interest expense in the income statement of the first quarter