Woods Company is preparing budgets for the quarter ended June 30. The following relates to the company's budgets: Budgeted sales, in units, for the next five months are: The selling price of the company's product is exist20 for the calendar year. The company would like the following budgets prepared for the second quarter: Sales (with schedule of cash collections) All sales are on account. The company's collection pattern is: 70% collected in the month of sale: 25% collected in the month following sale: the remaining 5% is uncollectible. Production The company desires to have inventory on hand at the end of each month equal to 20 percent of the following month's budgeted sales in units. On March 31, 8,000 units were hand. Materials purchases (with cash payments) Five pounds of material are required per unit of product. Each pound costs the company exist0.50. The company desires to have materials on hand at the end of each month equal to 10 percent of the following month's production needs. This requirement was met on March 31. Purchases for the month of March amount to exist74, 200. The company pays for its materials: 50% in the month of purchase and 50% in the month following the purchase. Required (using an electronic spreadsheet) 1) Prepare five budgets (Sales, Cash collections, Productions, Materials purchases, and Cash payments) for the quarter ended June 30. 2) Assume that sales will increase 10% for each month, beginning April 1, and prepare a second set of budgets