3. The company determines that the ending inventory should always equal to 30% of the cost of goods sold of the following month. The inventory cost or the cost of goods sold averages about 45% of the unit-selling price. 4. All the merchandise purchases are on account, and its schedule of payments is as follows: 5. Estin Instructions Prepare the following budgets: b. Schedule of cash collections for March and April c. Purchases, ending inventory, and cost of goods sold budgets for March and April d. Schedule of payments for purchases for March and April e. Statement of Profit or Loss Budget for the two-month period ending April 30, 2018 Total cash collection in April, RM177,284 Total purchases in April, RM88,110 Total cash payment in April, RM83,959 Net Income, RM156,000 //, PR 9-7 Budgedted income statement OBJ. 4, Mr Ramli is the account executive of a merchandising company. He is responsible for preparin the company's budgets. He has been requested to prepare the budgets for the following tw months. Below is the information regarding the company's planning and policies: 1. The following schedule consists of actual and forecasted sales. The selling price of its prod uct is RM50 per unit. 2. About 30% of sales are in cash, and the balance is on account. Below is the estimated cash collections from credit sales: Total cash collection in April, RM177,284 Total purchases in April, RM88,110 Total cash payment in April, RM83,959 Net Income, RM156,000 V/, PR 9-7 Budgedted income statement OBJ. 4,5 Mr Ramli is the account executive of a merchandising company. He is responsible for preparing the company's budgets. He has been requested to prepare the budgets for the following two months. Below is the information regarding the company's planning and policies: 1. The following schedule consists of actual and forecasted sales. The selling price of its product is RM50 per unit. 2. About 30% of sales are in cash, and the balance is on account. Below is the estimated cash collections from credit sales: 3. The company determines that the ending inventory should always equal to 30% of the cost of goods sold of the following month. The inventory cost or the cost of goods sold averages about 45% of the unit-selling price. 4. All the merchandise purchases are on account, and its schedule of payments is as follows: Instructions Prepare the following budgets: b. Schedule of cash collections for March and April c. Purchases, ending inventory, and cost of goods sold budgets for March and April d. Schedule of payments for purchases for March and April e. Statement of Profit or Loss Budget for the two-month period ending April 30, 2018