Sales Information The company sells a single product for $75 each. Sales are split between 10% cash and 90% on credit (A/R). All credit sales are collected in the following month. The Accounts Receivable balance on March 31 is $20,000 Budgeted sales are as follows: Product Cost and Inventory Informatign The product cost is $35 per unit. The desired ending inventory is 60% of the next month's sales in units. Inventory in units for March 31: 540 units Purchases are paid 75% in the month of the purchase and 25% the next month. The Accounts Payable Balance on March 31 is $13,000 Operating Expense Information Commission - ( 10% of Sales) Shipping (4% of Sales) Office Salaries - $4000 per month Rent Expense - $3500 per month Depreciation Expense - $3500 per month Prepare the following budgets for the months of April, May and June (2 ndQtr Total Budget) (You must use excel to format the budgets) a) Sales Budget b) Table of Cash Recelpts c) Merchandise Purchase Budget d) Table of cash disbursement for Purchase of merchandise (Product Cost) e) Table of cash disbursements for selling and administrative expenses Product Cost and Inventory Information The product cost is $35 per unit. The desired ending inventory is 60% of the next month's sales in units. Inventory in units for March 31: 540 units Purchases are paid 75% in the month of the purchase and 25% the next month. The Accounts Payable Balance on March 31 is $13,000 Operating Expense Information Commission - (10\% of Sales) Shipping ( 4% of Sales) Office Salaries - $4000 per month Rent Expense - $3500 per month Depreciation Expense $3500 per month Prepare the following budgets for the months of April, May and June (2 2ndQtr Total Budget) (You must use excel to format the budgets) a) Sales Budget b) Table of Cash Receipts c) Merchandise Purchase Budget d) Table of cash disbursement for Purchase of merchandise (Product Cost) e) Table of cash disbursements for selling and administrative expenses