The project below involves developing a master budget for Hastings Co. Use this information produce the items listed below: Hastings Co. General Information July August Sales Forecast $550,000 $420,000 Cost of Goods Sold as a % of sales 40% $220,000 168,000 Collections month of sale 20% $110,000 84,000 Collections month after sale 80% $440,000 336,000 Note - The June 30 Accounts Receivable are collected in July Desired Ending Inventory as a % of Cost of goods sold (COGS) in the next month 20% $110,000 84,000 Payment for merchandise purchases in month of purchase 30% $165,000 126,000 Payment for merchandise purchases in next/following month 70% $385,000 294,000 Note - The June 30 Accounts Payable are paid 100% in July Monthly cash payments for Gen Admin/Selling Expenses $19,000 $21,000 Monthly Depreciation Expense $16,000 $16,000 The following check figures are given to assist you: Total cash collections for the quarter $1,139,000 Total merchandise purchases for the quarter $458,800 Cash Balance end of quarter (September 30) $629,440 Net income for the quarter $757,000 Total Assets (Balance Sheet) September 30 $2,190,240