9. The budgeted sales of a company for the next three months are as follows: May June July 110,000 150,000 140,000 The sales are 30% cash and 70% credit. Collections of credit sales are expected to occur as follows: 65% in the month of sales and 30% in the month following the sales. The other 5% is estimated to be bad debts. Required: Prepare a schedule which shows expected cash receipts from sales for the month of July 2022. (4 marks) 10. A profit center reported the following data for 2021: Sales Variable costs Controllable fixed costs Noncontrollable fixed costs Budget 700,000 500,000 90,000 50,000 Actual 720,000 490,000 90,000 50,000 Required: Prepare a responsibility report for the profit center for 2021. (5 marks) 11. A company is considering buying a new system that costs 80,000. The estimated cash flows from the investment project are as follows: Net annual cash inflows: Year 1 Year 2 Year 3 Cash inflow from residual value (year 3) 45,000 30,000 16,000 4,000 The company's cost of finance is 7%. Required: (a) Calculate the payback period for the project. (3 marks) (b) Calculate the net present value for the project