The Red Midget Company processes and distributes beans. The beans are packed in 1-kilogram plastic bags and sold to grocery chains for $0.60 each in boxes of 100 bags. During March, the firm anticipates selling 23,000 boxes (sales in February were 19,000 boxes). Typically, 80% of the firm's customers pay within the month of sale, 18% of the customers pay the month after, and 2% of sales are never collected The firm buys beans from local farmers. The farmers are paid $0.10 per kilogram, In cash. Most of the processing is done automatically. Consequently, most ($73,000) of the firm's factory overhead is amortization expense. The firm advertises heavily. For March, managers expect to publish $72,000 worth of advertisements in popular magazines. This amount is up from February's S57,000 of advertisements. The firm pays for 10% of its advertising n the month the ads are run and 90% in he following month March's budgeted income statement and statement or cost or goods manufactured and sold follow. All costs and expenses are paid ror as incurred unless speclfically Indicated otherwise. The firm will begin March with a cash halance of $30,000, and It pays a monthly dividend of $15,000 to the owners. INCOME STATEMEN $1.380,000 442,000 938,000 80,000 65,000 72,000 27,600 Operating income 5693,400 Sales Cost of goods sold Gross margin Administrative salaries Sales commissions Advertising Bad debts expense STATEMENT COSI OF GOODS MANUFACTURED AND SOLD Beginning balance direct materials 29,000 Direct materials purchases 265,000 Ending balance direct materials35,000 230,000 85,000 116,000 431,000 Materials available for use Direct materials used Labour costs Incurred Overhead costs Beginning finished goods balance Ending finished goods balance Cost of goods manufactured Goods available for sale Cost of goods sold 481,000 39,000 $442,000 From the Information provided, prepare a cash budget for March