Foxx Corporation is preparing its operating budgets for the current quarter covering the m April, May, and June. The company sells tollowing number of units: April, 30,000; May, 40,000: June, 50,000; and July, 45,000. The company expects a gross margin of 40% on sales. The company wants to have an inventory on hand at the end ofeach month equal to 5,000 units plus 1 5% ofthe following month's sales in units. This policy has been followed since January 1 of the current year its product for $45 per unit and expects to sell the The company also expects to have the following operating expenses. FOXX CORPORATION ESTIMATED OPERATING EXPENSES FOR CURRENT QUARTER Wages and Salaries Expense Sales Commission Expense Rent Expense Depreciation Expense Bad Debt Expense Other Operating Expenses S 150,000 per year 5% of sales S 42,000 per year S 4,000 per month 1.5% of sales 1,000 per month plus 2.5% of sales $ All cash expenses are paid in the month in which they are incurred, except for sales commissions, which are paid in the month following their incurrence.Fixed expenses are assumed to occur evenly throughout the year. the attached schedules, prepare the following by month and in total for the REQUIRED eod quarter of the current year. Round all calculations to the nearest whole dollar. second (1) Sales Budget (2) Purchases Budget. (3) Operating Expenses Budget. 4) Budgeted Income Statement