You are the sole shareholder and operator of a small incorporated business that purchases off-brand Wedding Dresses andire-sells them. You started your business five years ago. The following data have been assembled to assist in the preparation of the master budget for the first quarter (January, Febryary and March) of 2022. As of December 31, 2021, your company had the following balance sheet: Company information 1. The company sells each dress for $800. Actual sales for November were 150 units and for December were 175 units. Projected sales for January are 200 units, 225 for February, 250 for March, and 275 for April. 2. Sales are all on account and 50% of the cash for sales is collected in the month of sale, 30% is collected in the following month, and the remaining 20% is collected in the month after that. 3. The company purchases enough units each month to cover the current month's sales and maintain an ending inventory equal to 20% of the following month's projected sales. Each unit costs the company $500. Inventory purchases are paid for in the month following purchase. 4. The company is expected to incur and pay fixed operating expenses of $3,000 per month. 5. On August 1, 2021, the company paid 512,000 for one year's insurance coverage. Hint: think back to adjusting entries from Chapter 3 of BUAD111 Financial Accounting 1 for how to deal with this