2. Based on the following information, prepare a cash budget for NILAM Corporation for the month of July, August and September 2002. RM RM 170,000 185,000 190,000 205,000 April 160,000 July May 120,000 August June 140,000 September October a. The collection of sales is as follows: 40% is collected in the month of sales 40% is collected one month after sales 20% is collected two months after sales b. Purchases of raw materials are 80% of sales and are made one month in advance. Payments are made 50% in one month after purchase and 50% in two month after purchase. c. Operating expenses will be 10% of the monthly sales d. Other fixed monthly expenses: i. Rental RM4,500 ii. Salaries and wages RM25,000 iii. Depreciation RM12,500 e. Cash balance in June 30, 2002 is RM50,000 and the company maintains minimum cash requirement of RM30,000