67-72 The table below shows the budgeted profit and loss statement of the company broken down into months for the quarter ending June. April May June Budgeted Sales 40,000 70,000 50,000 Less: Cost of Sales Budgeted Direct Materials - 7.520 -f13.160 -9.400 Budgeted Direct Labour -F12,000 -E21,000 -15.000 Budgeted Fixed Production Overheads -$2.500 -2,500 -$2.500 Budgeted Gross Profit 17.980 33.240 23.100 Less: Non-Production Costs Budgeted Non-Production Overheads - 5.000 -5.000 -5,000 Budgeted Net Profit 12.980 28.340 E18.100 Use the following information to complete the cash budget proforma below for the quarter ending June. The budget makes the following assumptions 70% of sales will be made in cash and paid immediately. 25% of sales will be made on credit but paid the following month. 5% of sales will be made on credit but the customer fails or refuses to pay. The company has applied for a 'coronavirus bounce back loan from the government of 50,000 which should arrive in June. Direct materials are purchased on credit and paid 2 months after purchase. Direct labour is paid immediately Production overheads are purchased on credit and paid 1 months after purchase. The company plans to purchase a new carpenter's machine for 10,000 in June Non-production overheads are paid quarterly in arrears (ie., for April-June) in June The opening bank balance on 1st June is budgeted to be f145,000 What is the June cash flow from cash sales? What is the closing bank balance on the 30th June