09:05 .III 4G TTT Pty Ltd is preparing a master budget for the quarter ending on 30 September 2024. Here's a breakdown of the provided data and the required calculations: 1. Sales Forecast: The firm sells a single product at $60 per unit. The sales forecast for the upcoming months, starting from April, shows the projected number of units sold. For July to September, the sales are: o July: 31,200 units o August: 33,600 units September: 33,600 units 2. Collections: Sales are collected as follows: 40% in the month of the sale, 40% in the following month, and 20% two months after the sale. 3. Inventories: On 1 July 2024, the company will have 10,800 units of finished goods inventory. The ending inventory for finished goods should be 20% of the sales for the next 3 months. The ending raw material inventory should be 40% of the next month's production. The company owes $196,800 for material purchases as of 1 July 2024. 4. Expenses: Variable selling expenses are 5% of sales. Administrative expenses are $126,000 per quarter ($20,000 of which is depreciation and $96,000 is wages). Fixed selling expenses amount to $36,000 per quarter. Direct materials cost $8 per kilogram, and each unit requires 1.1 kg. Direct labour costs $24 per hour, and each unit requires 0.5 hours of labour. Factory overhead is $154,000 per month, with $28,000 of that as depreciation. 09:05 .III 4G 5. Cash Balance: The cash balance on 1 July 2024 is expected to be $40,320. Required Calculations: 1. Sales Budget: Prepare a monthly sales budget for July, August, and September. 2. Cash Collections: Determine the estimated cash collections from receivables for July to September. 3. Production Requirements: Calculate how many units need to be produced in July to September. 4. Direct Materials Budget: Prepare the budget for direct materials for the quarter (hint: desired ending inventory for materials is 16,512 units). 5. Cash Budget: Prepare a cash budget for July to September. 6. Budgeted Income Statement: Prepare an income statement for the same period (hint: cost of sales is $2,182,512). Used the following format: Sales Budget for July to September 2024 Month July August September Total sales Sales in units し Cash Collections Budget for July to September 2024