At 1 January, Company XYZ Ltd has the following: Fixed Assets Stocks Bank Balance The Budget for first quarter are as follows: (1) Sales for the month of: January February March 200,000 190.000 90,000 300,000 600,000 700,000 (2) Gross profit margin (3) Bad Debts (4) Variable selling overheads (5) Fixed selling overheads excluding depreciation (6) Depreciation of fixed assets (7) Variable administration overheads (8) Fixed administration overheads excluding depreciation (9) Credit terms-sales, purchases and overheads. There is no outstanding debtors or creditors on 1 January (10) The assets at 1 January have been paid for except for the stocks, the balance outstanding of $50,000 will be paid during January (11) The stocks are to held at the level of 1 January Required: 25% of sales 1% of sales 1 month credit term (a) Prepare a Profit statement to show the Profit for the quarter ended 31 March (b) Prepare a Cash Budget for January, February and March Additional information: (4) Variable selling overheads (5) Fixed selling overheads excluding depreciation (6) Depreciation of fixed assets (7) Variable administration overheads (8) Fixed administration overheads excluding depreciation 10% of sales $25000/month $20000/month 2% of sales $15000/month