You plan to start up a new business of your choice and partners requests you to create a budget of one type of product or service for a three$-$month periods. Choose a product or service of your choice that you plan to sell at a small retail store at a location of your choice. Make reasonable assumptions about how many units that you can sell in each of the next $3$ months.

Hint: you will need the fourth month$$s sales in units for the operating budgets.

Required:

Describe your product in terms of the type of product, cost of product, sales quantity and selling price per unit. Make projections of your sales in units in each of the upcoming three months.

Supported with explanation justification, prepare the following budgets for each of the upcoming three months:

Sales budget

Direct labour budget

Operating expenses budget

Budgeted income statement