Unit 5 cat /flow/connect.html omework Help Save & E You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below The company sells many styles of earrings, but all are sold for the same price-$18 per months and budgeted sales for the next six months follow (in pairs of earrings): pair. Actual sales of earrings for the last three 23,800 June (budget) 29,800 July (budget) 43,800 August (budget) 68,800 September (budget) 28,880 53,800 33,800 31,800 February (actual) April (budget) 103,800 The concentratio., of sales month to supply 40% of the earrings sold in the following month. s before and during May is due to Mothers Day, Sufficient inventory should be on hand at the end of each Suppliers are paid $5.90 for a pair of earrings. One-half of a month's purchases is paid for in the mohtAn addirional paid for in the following month. All sales are on credit Only 20% of 70% a month's sales are coll is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible Monthly operating expenses for the company are given below 6 of 6 Next