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a) Beauty Spa & Co. manufactures a specialised luxury spa that is supplied to five-star hotels around the country. The owner provides you with the following information to prepare its 1st quarter budget: July, August, and September. Budgeted sales are as follows: Month Sales ($) Units Sold 250 May June July August September October 25,000 28,000 30,000 40,000 35,000 37,000 280 300 400 350 370 Additional information: 1) Purchases are budgeted at $5.00 per unit and are paid for in full in the month after purchase. ii) Closing inventory must equal 50% of the next month's sales. iii) Sales (which are all on credit) are collected as follows: 60% in the month of sale; 30% in the month after the sale; 5% in the second month after the sale. iv) The balance in the bank account as of 30 June is $10,000. Required (show your workings for each question): i. Prepare a purchases budget (in units and $) for the 1st quarter. (Purchases are based on expected sales). (3 marks) ii. Prepare the schedule of expected cash collections from Accounts Receivable for the months of July and August. (2 marks)