The following information applies to the questions displayed below) Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below Beech Corporation June 30 Plant and equipment net of depreciation Total sets Liablities and Stockholders Equity Retained earnings Total labilities and shockholders' equity 3.00 points Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $350,000, 370,000, $360,000, and $380,000, respectively 2. A sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. Al of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July 4. Monthly selling and administrative expenses are aways $46,000. Each month $7,000 of this total amount is depreciation expense and the remaining $39,000 relates to expenses that are paid in the month they are incurred 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30 Required: 1. Prepare a schedule of expected cash collections for July, August, and September Also compute total cash collections for the quarter ended September 30. 2-a. Prepare a compute total merchandise purchases for the quarter ended September 30. purchases budget for July, August, and September. Also