Prepare the schedule of COGS for Skysong s first quarter. (Round intermediate colculations and final answers fo 2 decimal places, eg. 15.25J Prepare the Sales forecast (and corresponding schedule of cash receipts) for Skysong Corp. Prepare the SGEA budget for Skysong Corp. The management team at Skysong Corporation is capitalizing on the trend for live-edge cedar fireplace mantels-beautiful, simple, onganic. In fact, sales are so strong they are running out of inventory. This means that budgeting for next year will be extremely important, to ensure sure that Skysong can source enough cedar. With budgeted sales as the starting point for the entire process, the management team agrees that the following levels present the most likely scenario for the first five months of the upcoming year. In addition to sales volume, many other specifics are required in order to complete the company's operating budgets. Key details associated with prices, costs, and usage are as follows. - Budgeted selling price is $500 per mantel. Each mantel measures 3 inches 12 inches 4 feet. - Target ending inventory of finished mantels is 20% of next month's budgeted sales. However, beginning inventory on January 1 is expected to be only 40 units. - Skysong' primary DM, rough-cut cedar, is purchased from the supplier already at the desired height and depth ( 3 inches high, 12 inches deep). Skysong cuts the cedar planks to the desired 4-foot lengths. Each rough-cut board costs Skysong \$50 per foot. - Target ending DM inventory (rough-cut cedar) is 50% of next month's production needs. - DL to sand, stain, and treat the rough-cut cedar costs $20 per hour. Each mantel requires one hour of labor time. - MOH resources include variable costs budgeted to be $10/ board foot, plus budgeted monthly Fixed MOH costs of $4,300. Depreciation of $2,100 is included in that monthly fixed cost. - SG\&A costs are also broken down into their variable and fixed components: budgeted variable SG\&A costs are $50/ unit sold. while budgeted fixed monthly SG\&A costs are $60,500, which includes $8,500 of depreciation. - All sales are made on account, with 25% paying in the month of sale and 70% paying in the month following the sale. The remainder is considered uncollectible. December sales in the prior year were budgeted to be $217,000. - Beginning finished goods inventory was held at a cost of \$275/unit from the prior year. Prepare the MOH budget for Skysong Corp. Prepare the DM purchases budget for Skysong Corp. Prepare the Sales forecast (and corresponding schedule of cash receipts) for Skysong Corp Prepare Skysong's budgeted income statement for the first quarter: (Round answers to 2 decimal places, eg. 15.25) Prepare the production budget for Skysong Corp. Prepare the DM purchases budget for Skysong Corp. Prepare the SGSA budget for Skysong Corp. Prepare the production budget for Skysong Corp. (c) Prepare Skysong's budgeted income statement for the first quarter. (Round answers to 2 decimal places, eg. 15.25.) Prepare the DL budget for Skysong Corp