Aery Electronics is a small subsidiary of a larger group specializing in sales of semiconductor components in Singapore. Due to the rise in Artificial Intelligence in recent years, the semiconductor industry has grown in leaps and bounds. Aery Electronics adopts a participative budgeting approach and allows the front-line managers to dictate the targets without any senior management intervention. Sales managers are remunerated with a fixed monthly salary. Upon achievement of the sales budget, sales managers are rewarded with a one-month bonus. Revenue in March 2019 was $550,000. Sales are budgeted at $560,000 for April; $530,000 for May; and $510,000 for June. Collections are expected to be 30% in the month of sale, 69% in the month following the sale, and 1% uncollectible. The cost of goods sold is 80% of sales. The company incurs 50% of its cost of goods sold in the month prior to the month of sale and 50% in the month of sale. Payments are made in the month following the incurrence of cost of goods sold. Other monthly expenses (which are paid in cash) are $105,500. Monthly depreciation is $45,000. Ignore taxes. Aery Electronics Statement of Financial Position As at 31 March 2019 Accounts Receivable (net) $379,500 Inventories 270,000 Cash and cash equivalent 200,000 Total Current Assets 849,500 Property, Plant & Equipment (net) 1,458,000 Total Assets 2,307,500 Accounts Payable Ordinary Share Capital Retained Earnings 444,000 1.700.000 163,500 $2,307,500 Required: (a Prepare a cash budget for the three (3) months of April to June, showing: (i) The expected cash receipts for each month and a quarterly total. (7 marks) The total expected cash disbursements for each month and a quarterly total. (9 marks) (iii) The ending cash balance for each month and for the quarter. (3 marks) (b) Evaluate the current budgeting approach and organizational architecture (OA) of Aery Electronics. Describe one (1) improvement to the current system