I would like assistance on #8 box. There are five pages in total that you will need to reference to help with #8 box answers. The first picture is what I need help with. The following 5 pictures are the information needed to assist. thank you!

Case Study 1|: Annual Budget andI Budgeted Financial Statements This case study provides practice in preparing an annual budget for a company: including a cash budget and budgeted nancial statements. Case Study 4- is not a group project. Instead, you are required to complete this case study on your own. Facts Lux Enterprises Inc. {Lust} is a wholesale distributor of earrings. At the start of its second quarter (Q2), Luz hires you to manage its operations. Luis has not prepared budgets in the past, but you decide to prepare a budget for Q2- Lux sells many styles of earrings= all at a selling price of $10 per pair. Actual unit sales for Q1 and budgeted unit sales for Q2 and Q3 are as follow; I ______II ______II ______I The concentration of sales in the spring is due to Mother's Day. All inventory sales are made on credit and bad debts are negligible. Lux collects 20% in the month o't'sale= YUM: in the following month, and HM: in the second month following the sale. Lux's only cash collections are om inventory sales. Luit maintains an ending inventory balance sucient to supply 411%: of the budgeted unit sales in the following month. Lu}: pays its suppliers $4 for a pair of earrings. All inventory purchases are paid 50% in the month of purchase and 511% in the following month. Lux's monthly operating expenses, other than cost of goods sold, are as follows: memes sans, moo All expenses, other than insurance and depreciation, are paid in cash in the month the expense is incurred. Luis pays its annual insurance premium of $36,00 on November 1. Lux plans to purchase for cash Hill-Di) of new equipment in May and $3= of new equipment in lune. In March, Lox declared a $15.09!] dividend which is payable on April 15. Lux's balance sheet on March 31 is as follows: C it Accounts receivable [3} Invstmi [b] Prepaid insurance PPch, net of depreciation 224,1 346.13% 104,091] 21,1300 959.1391] Total assets $1.641l] Liabilities and Stockholders' Equity Accounts payable [c] in Dividends payable Common stock ll} lil} El} was Total liabilities and stockholders\" equity $1,545,439!) [a] Includes sashes ofFebruary sales {10%}, plus $32o,ooo ofl'uiarch sales (30%} [b] assoc units (40% ofhudgeted sales in spin) at $4 per unit [c] 56% of inventoiy purchases in March Required Prepare a master budget for the second quarterApril, May, and June. Include the folio'wing detailed schedules: 1. Sales budget, by month and in total 2- Merchandise purchases budget, by month and in total 3- Budgeted cash collections om inventory sales, by month and in total 4- Budgeted cash payments for inventory purchases by month and in total 5- Comprehensive cash budget. by month and in total I5- Budgeted contrihution margin income statement for three months ending June '3. Budgeted balance sheet as of lime 3i} 8- Budgeted statement of cash ows for three months ending June 3 Templates, check gures and some hints to help you get started can he found on the following pages- You can perform the calculations by hand, or you can create the budget in Excel. In either case, you must use the format indicated by the templates. Upload your submission to Canvas by the due date indicated in the course schedule.