You have just been hired by the manager of Sojagifo Manufacturing Limited & your first task is to prepare the budget for the first quarter of 2024. Ms Makail, your manager has provided you with the following information: 1. Budgeted sales for the next four months are as follows: January February March April 9,000 10,000 9,500 11,000 The selling price is $100.00 per unit. Sales are 100% on credit and 75% are collected in month of sale & 25% in month following the sale. 2. Accounts receivable are expected to be $217,000 on December 31, 2023 & will be collected In January 2024. 3. The company produces enough units each month to meet the months sales plus a desired ending inventory equal to 15% of the next month's estimated sales. The beginning inventory at January 1, 2024 is expected to be 1,350 units. 4. Sojagifo pays 40% of direct materials in the month of purchase & pays the remaining 60% in the following month. Each unit of product requires 4 kg of direct materials at a cost of $3.25 per kg. The company purchases enough direct materials each month for the current month's production and 10% of next month's production requirements. Beginning & ending inventory for the quarter of direct materials are budgeted to be 3,660 for beginning & 4,400 for ending. 5. The Accounts payable balance is expected to be $63,200 at December 31, 2023 & will be paid in January. 6. The company plans to pays dividends of $10,000 in January & March. 7. Sojagifo Manufacturing Limited plans to purchase equipment costing $75,000 in January. 8. Each unit produced requires 1 hour of direct labour at a cost of $22/hour. 9. The company wishes to maintain a minimum cash balance of $20,000 at the end of each month. 10. The company has an agreement with the local bank that allows them to borrow up to $100,000. The interest rate on the loans is 10% and there are no loans outstanding at December 31. All borrowing is done at the start of the month and all repayments are made at the end of the month. 11. The cash balance at December 31, 2023 is budgeted to be $20,000. Required: 1. Using the excel file included in the assignment complete the following budgets for the first quarter of 2024 for Sojagifo Manufacturing Limited (January, February & March). Sales Budget & Schedule of Expected Cash Collections Production Budget Direct Materials - Purchases & Cash Disbursements Budget Direct Labour Budget Cash Budget Round all decimals to the nearest even number. 2. What will the accounts receivable & accounts payable balances be at March 31, 2024? You may complete the assignment in excel or print out the template & complete it by hand. SHOW ALL WORK - if necessary include a schedule showing you calculations.