Esquire Products Inc. expects the following monthly sales:January $ 37,000 July $ 31,000 February 28,000 August 35,000 March21,000 September 38,000 April 23,000 October 43,000 May 17,000November 51,000 June 15,000 December 33,000 Total sales = $372,000Cash sales are 40 percent in a given month, with the remaindergoing into accounts receivable. All receivables are collected inthe month following the sale. Esquire sells all of its goods for $2each and produces them for $1 each. Esquire uses level production,and average monthly production is equal to annual productiondivided by 12. a. Generate a monthly production and inventoryschedule in units. Beginning inventory in January is 21,000 units.b. Prepare a cash receipts schedule for January through December.Assume that dollar sales in the prior December were $20,000 c.Prepare a cash payments schedule for January through December. Theproduction costs ($1 per unit produced) are paid for in the monthin which they occur. Other cash payments (besides those forproduction costs) are $8,300 per month. d. Construct a cash budgetfor January through December using the cash receipts schedule frompart b and the cash payments schedule from part c. The beginningcash balance is $3,000, which is also the minimum desired.(Negative amounts should be indicated by a minus sign.) e.Determine total current assets for each month. Include cash,accounts receivable, and inventory. The accounts receivable for agiven month is equal to 60 percent of that month's sales. Inventoryis equal to ending inventory (part a) times the cost of $1 perunit.