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Read the given problem carefully, and answer the succeeding questions: Cola Corporation has the following budget data for the month of February 2022 Budget: Target quantity to be sold 1100 units January 31, 2021 Ending $67,000 Inventory (800 units) February 28, 2022 $51,500 Ending Inventory (600 units) $35 per Direct Material Budget unit Direct Labor Budget $215 per unit Variable Mfg. Overhead $200 per Budget unit Fixed Mfg. Overhead $15,400 Budget per month Depreciation Expense $54,000 Budget Gen. Administrative $62,550 Expense Budget $62,550 Expense Budget Selling Expense Budget $85,000 Rent Expense Budget $73,000 Salaries Expense Budget $118,450 Insurance Expense $54,320 Budget Required: a. If the sales budget is based on a target gross margin of 63% of sales, how much is the Operating Income Budget? Fill in the blanks and use 2 decimal places. Sales CGS Gross Margin Operating Expenses Operating Income Gross Margin Operating Expenses Operating Income Cost of Purchases b. Cash balance by Feb 1, 2021 is expected at 185000, while total cash receipts for Feb 2022 is at 730000. Calculate the ending cash balance before financing. Use 2 decimal places. Cash Payments = Ending Cash Balance Before Financing = c. If the minimum cash balance is set at $100,000, will Cola Corp. Is there a need to borrow money for the year? Ending Cash Balance Before Financing - Minimum Cash Balance = Need to borrow money? (Yes or No) =