Royal Company is preparing budgets for the 2nd quarter, which ends on June 30. Budgeted sales of the company's only product for the next live month's arc: The selling price is $20 per unit. The following elements of the master budget will be prepared in this example: Sales budget (with a schedule of expected cash collections). Merchandise purchasing budget. Schedule of expected cash disbursements for merchandise purchases. Labor budget. Manufacturing overhead budget Merchandise inventory budget. Selling and administrative expense budget. Cash budget. Budgeted income statement. Budgeted balance sheet