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Knockaffs Unlimited, a nationwide datibutor of low-cost imitation designer necklaces, has an exclusive franchise on the distribution of the necklaces, and sales have grown so rapidly over the past few years that it has become necessary to add new members to the management team. To dote, the company's budgeting practices heve been inferior, and at times the compary has experienced a cash shortage. You have been given responsibility for all plenning and budgeting. Yout frst assignment is to prepare a master busget for the next three months, starting April 1 You are eager to make a favourable impression on the presidert and have assembled the information below. The neckleces are sold to retailers for $10 each. Recent and forecast sales in units are as follows: The large buildup in sales before and during May is due to Mother's Day. Ending inventories should be equal to 40% of the next month's sales in units. The necklaces cost the company 54 each. Purchases are puid for as follows: 50% in the month of purchase and the remaining 50% in the following month All sales are on credit, with no discount, and payable within 15 days. The company has found, hewever, that only 20% of a month's sales are collected by month-end. An additional 70s is collected in the following month, and the remaining 10% is collected in the second morth following sale. Bad debts have been negligible. The compeny's monthly seling and atministrative expenses are olven below: Alt selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance. Insurance is paid on an annual basis, in November of each year. The company plans to purchase $21,600 in new equlpment during May and $54,000 in new equipment during June; both purchases will be paid in cash. The company declares dividends of $17,800 each quarter, payeble in the first month of the following quarter, The company's balance sheet of March 31 is given below: The compeny wants a minimum ending cash balance each month of $50.000. All borrowing is done at the beginning of the month with any tepoyments made at the end of the month. The interest rate on these loons is fis per month and must be paid at the end of each month besed on the outstanding loan balance for that month. Required: 1. Prepare a master budget for the thee-month period ending June 30 , include the following detalied budget: a. A sales budget by month and in total. b. A schedule of expected cash collections from sales, by month and in total. c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total. d. A schedule of expected cash disbursements for merchandise purchases, by month and in total. 2. A cash budget. Show the budget by month and in total. (Round your intermedlate calculations and final answers to the nearest whole doltar, Also, round down your interest calculations to the nent whole dollar amount. Cash deficiency, repayments and interest should be indicated by a minus slgn. Do not leare any empty spacess input a o wherever it is required.j 3. A budgeted income statement for the three-month period ending June 30 . Use the varable costing approach. 4. A budgeted balance sheet as of June 30