Beached is a retail outlet situated in a very popular tourist town not far from Canberra. It is very popular during school holidays, with the

peak tourist season being in December and January.

Sales consist of cash sales to retail customers $(70\%)$ and credit sales to tourist operators $(30\%).$ Credit sales are collected $20\%$ in the month of sale, $60\%$ in the month following the sale and $20\%$ in the second month following the sale.

Opening Accounts Receivable are $$120,000.$

Inventory is marked$-$up $70\%$ on cost and inventory opening balances are required to be $60\%$ of the month's expected sales.

Inventory is purchased on credit with $40\%$ paid in the month following the purchase and the remainder paid two months following the

purchase. Opening Accounts Payable is $$120,000.$

Using tha above information, prepare the following:

Prepare a cash receipts budget for the six months

Prepare a cash payments budget for the six months

Prepare a budgeted pfofit and loss to Gross Profit for the six months