Kindly solve all parts Blue Fish Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the firstquarter of that coming year. The company has gathered information from its managers in preparation of thebudgeting process.Blue Fish CorporationBlue Fish CorporationIncome StatementBalance SheetFor the year ended December 31, 2021December 31, 2021Saks16,662,000Cash93,000Cost of Goods Sokld5.980,904Accounts Receiable, net198,300Raw Materials InventoryFinished Goods InventoryMachinery and oquipment, netTotal Assets10,681,0967,386,000Gross project15,416Selling and Administrative ExpensesIncome from Operations91,838920,0001,318,5543,295,096Interest Expense111,020Income Before Taxes3,184,076Income Tax Experse668,656Accounts Payabke106,885Net Income2,515,420Income Taxes Payabke668,656Total Liabilities775,541Common Stock250,000Retained eamingsTotal liabilikies andStockholder's equity293,0131,318,554SalesUnit sales for November 2021115,000Expected unit sales for March 2022117,100Unit sales for December 2021100,500Expected unit sales for April 2022126,800Expected unit sales for January 2022 114,500Expected unit sales for May 2022135,300Expected unit sales for February 2022 116,200Unit selling priceS13Blue Fish likes to keep 15% of the next month's unit sales in ending inventory. All sales are on account. 80% ofthe Accounts Receivable are collected in the month of sale, and 20% of the Accounts Receivable are collectedin the month after sale.Direct MaterialsDirect materials cost 82 cents per pound. 2.5 pounds of direct materials are required to produce each unit.Blue Fish likes to keep 10% of the materials needed for the next month in its ending inventory. Raw Materialson December 31, 2021, totaled 18,800 pounds. Payment for materials is made within 15 days. 60% is paid in themonth of purchase, and 40% is paid in the month after purchase. There was no beginning or ending work-in-process inventory for the 1" quarter.Direct LaborLabor requires 9 minutes per unit for completion and is paid at S13 per hour.Manufacturing OverheadIndirect materials35¢ per labor hourDepreciation$16,200 per monthIndirect labor60¢ per labor hourProperty taxes$2,300 per monthUtilities55¢ per labor hourInsurance$1.450 per monthMaintenance35¢ per labor hourMaintenance$1,525 per monthSalaries$49,000 per monthSelling and AdministrativeVariable selling and administrative cost perunit is $1.82Advertising$13,500 a monthInsurance$1,375 a monthSalaries$76,000 a monthDepreciation$2,300 a monthOther fixed costs$3,100 a month Other InformationManagement has decided it would like to maintain a cash balance of at least $850,000beginning on January 31, 2022.Dividends are paid each month at the rate of $2.25 per share for 6,000 shares outstanding.The company has an open line of credit with Romney's Bank. The terms of theagreement require borrowing to be in $1,000 increments at 8% interest. If the companypays back any part of the loan, all interest owed will be paid first during that money. If acompany borrows money, no interest payment will be made and that interest will accruedinto the next month.Blue Fish borrows on the first day of the month and repays on the last day of the month.A $520,000 equipment purchase is planned for February.The taxes owed from December 31, 2021 will be paid March 15, 2022.The company has a 21% income tax rate.Notes:Be sure you use the costs for ending raw materials and ending finished goods inventory.(not units)Use the cost per unit calculated in part j to assist in calculating the finished goodsinventory for the balance sheet.Remember to accrue the interest at quarter end if needed (this may also affect yourinterest expense).Although there was not a note due at the end of the year, there may be a note due atMarch 31, 2022. (refer to your Cash budget)To find variable manufacturing overhead cost per unit take the total variable overheadcosts divided by the total units produced for the quarterRequiredf) For the first quarter of 2022, prepare a selling and administrative budget.g) For the first quarter of 2022, prepare a schedule for expected cash collections fromcustomers.h) For the first quarter of 2022, prepare a schedule for expected payments for materialspurchases.i) For the first quarter of 2022, prepare a cash budget.j) For the first quarter of 2022, calculate cost of goods soldk) For the first quarter of 2022, prepare a budgeted income statement1) For the first quarter of 2022, prepare a budgeted balance sheet.

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f) For the first quarter of 2022, prepare a selling and administrative budget. g) For the first quarter of 2022, prepare a schedule for expected cash collections from customers. h) For the first quarter of 2022, prepare a schedule for expected payments for materials purchases. i) For the first quarter of 2022, prepare a cash budget.