Soprano Co. is in the process of preparing the second quarter budget for 2019, and the following data have been assembled: • The company sells a single product at a selling price $42 per unit. The estimated sales volume for the next six months is as follows: March April May 6,200 units 7,400 units 10,400 units • All sales are on account. The company's collection experience has been that 42% of a month's sales are collected in the month of sale, 52% are collected in the month following the sale, and 6% are uncollectible. It is expected that the net realizable value of accounts receivable (i.e., accounts receivable less allowance for uncollectible accounts) will be $135,408 on March 31, 2019. • Management's policy is to maintain ending finished goods inventory each month at a level equal to 53% of the next month's budgeted sales. The finished goods inventory on March 31, 2019, is expected to be 3,922 units. • To make one unit of finished product, 3 pounds of materials are required. Management's policy is to have enough materials on hand at the end of each month to equal 42% of the next month's estimated usage. The raw materials inventory is expected to be 11,327 pounds on March 31, 2019. • The cost per pound of raw material is $4.00, and 77% of all purchases are paid for in the month of purchase; the remainder is paid in the following month. The accounts payable balance for raw material purchases is expected to be $21,364 on March 31, 2019. Expected sales in units June July August Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2019. Show Transcribed Text Expected sales in units Selling price per unit Total sales 8,100 units 9,300 units 6,300 units April Cash collections from: March sales April sales May sales June sales Total cash collections April May Required: a. Prepare a sales budget in units and dollars, by month and in total, for the second quarter (April, May, and June) of 2019. April May June 3 May June b. Prepare a schedule of cash collections from sales, by month and in total, for the second quarter of 2019. Total Ć June Total Total