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Fine Feet is a retailer of shoes. The average price for a shoe sold is £40 and although the sales mix is planned to remain the same, there is a 5% price increase planned from October 2015. Sales Volume is predicted to be 4,500 units in July, which is expected to rise by 2% in each month from August onwards. All sales proceeds are received in the month of sale. Inventory on 1 July 2015 is predicted to be £100,000 and Fine Feet is committed to make the following purchases from suppliers: June £110,000, July £155,000, August £130,000, September £120,000, October £160,000, November £175,000, December £190,000. Suppliers allow one month credit. The predicted average gross profit margin is 40% for the coming year, even after the planned 5% sales price rise in October. Electricity costs of £4,000 are paid quarterly in arrears by direct debit out of the bank account. The first payment for 2015 occurred in March 2015. Rent for 12 months to the end of June 2016 of £24,000 is payable in July, as is insurance of £9,000 for the year to 30 June 2016. The business predicts that on 1 July 2015 its bank balance will be £250,000, capital will be £90,000 and its bank loan will be £150,000. This bank loan is being repaid with monthly instalments. Each month instalment is £5,000, of which £1,000 is interest. Required: Prepare the Sales, Closing Inventory and Cash flow Budget for each of the 6 months to 31 December 2015. Prepare a budgeted Income Statement for the whole six month period (a monthly breakdown is not required) and a budgeted Balance Sheet as at 31 December 2015.