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Master Budget Excel Assignment; the UC Outpatient Pharmacy Company, a For Profit department off campus from the Hospital. prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: b. Actual Sales in Dollars for December and budgeted sales for the next four months are as follows: Sales are 25% for cash and 75% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's Cost of Sales or Cost of Inventory is 55% of sales. For example, for every dollars of sales the cost of the inventory is .55 e. Monthly expenses are budgeted as follows: salaries and wages, $75,000 per month; Advertising cost, $55000 per month; shipping, 5.6% of sales; depreciation, $19,000 per month; other expenses, 3% of sales. f. At the end of each month, inventory is to be on hand equal to 20% of the following month's sales needs, stated at cost. g. 40% of a month's inventory purchases is paid for in the month of purchase; the other 60% is paid for in the following month at cost. h. During February, the company will purchase a new copy machine for $1,700 cash. During March, other equipment will be purchased for cash at a cost of $60,000. Depreciation expense on assets purchased during the first six months of the year half will begin being depreciated at the second half of the year. i. During January, the company will declare and pay $47,500 in cash dividends. j. The company must maintain a minimum cash balance of $20,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of complete repayment of total principal. Interest is computed on funds utilized for each month. The annual interest rate is 15%. (Figure interest on whole months, e.g., 1/15, 2/15) m. Assume a 15% tax on income at the end of each month that will be withheld until April 15 th n. Assume a 2% discount on all cash sales o. If required, make necessary assumptions and state them in the answer document