1) Emmie's This - N-That Shop is preparing its master budget for the quarter ended June 30 Sales Information The company sells a single product for $100 each. Sales are split between 65% cash and 35% on credit (ARR). All credit sales are collected in the following month. The Accounts Receivable balance on March 31 is $13,000 Budgeted sales are as follows: Product Cost and inventory information The product cost is $55 per unit. The desired ending inventory is 50% of the next month's sales in units. Inventory in units for March 31: 500 units Purchases are paid 20% in the month of the purchase and 80% the next month. The Accounts Payable Balance on March 31 is $15,000 Operating Expense Information Commission - ( 6% of Sales) Shipping - (1\% of Sales) Office Salaries - $3500 per month Rent Expense - $5000 per month Depreciation Expense - $4000 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 HINT: Cash Disbursements - means cash going out