i need answer now please excercise 1 and 2 please please

125 Strategy and The Master Budget Exercises Exercise 1 (Schedule of Expected Cash Collections) peak sales for Mideast Products, Inc., occur in August. The company's sales budget for the third quarter showing these peak sales is given below: July P600,000 August P900,000 September P2,000,000 Total P2,000,000 Budgeted sales From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, that another 70% is collected in the month following sale, and that the remaining 10% is collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled P430,000 and June sales totaled P540,000. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter. 2. Assume that the company will prepare a budgeted statement of financial position as of September 30. Compute the accounts receivable as of that date. Exercise 2 (Production Budget) Rock Telecom has budgeted the sales of its innovative mobile phone over the next four months as follows: Sales in Units July 30,000 August 45,000 September 60,000 October 50,000 The company is now in the process of preparing a production budget for the third quarter. Past experience has shown that end-of-month inventories of finished goods must equal 10% of the next month's sales. The inventory at the end of June was 3,000 units. Required: Prepare a production budget for the third quarter showing the number of units to be produced each month and for the quarter in total