BH EA.BPN01-00 CONFIDENTIAL APRIL20224'PBL ASSIGNMENTIPMA3143 SET C Gamex Inc. manufactures and sells gaming keyboards that are targeted at active video gamers. The keyboards are sold for RM41.50 each. With the recent downturn in the Malaysian economy, the selling price of the product will be reduced by 6% staning in 2023. GameX's projected sales for the year 2023 are as follows: Month Units Month Units January 6,500 July 10,200 February 6,400 August 10,500 March 6,600 September 10,900 April 6,500 October 10,800 May 8,900 November 1 1,100 June 10,100 December 1 1,400 The company also projected that they would be able to sell a total of 30,200 in the first quarter of 2024. The balance of account receivable is expected to be RM45,670 at the beginning of the year 2023. Based on experience, 30% of the company's sales are on a cash basis. On average, 30% of the account receivables will be collected in the quarter of the sales; 15% in the first quarter after the sale; 3% in the second quarter after the sale: and 2% will be uncollectible. The company's policy is to have ending inventory of nished goods equal to 17% of the next quarter's sales. The main materials in the production of the keyboard are plastic, flexible rubber, and electronic circuits. It is estimated that the cost of purchasing these materials amounted to 40% of each quarter's sales amount. The company normally pays for the purchases 75% in the quarter in which the purchase is made, 15% in the next quarter, and 10' in the following quarter. The balance of account payable at the end of quarter 4 2022 is expected to be RM178,440. Finished goods require 2 hours and 24 minutes to complete, and direct labour is paid at RM5.60 per hour. The manufacturing overhead incurred by the company is 35% of each quarters purchases. Other operating expenses payable monthly are: administrative expense of RM1 0,500; marketing, selling and distribution expense of RM6,400. Included in the administrative expense is a depreciation expense of RM1,000 per month. The company will receive interest at 5% on a fixed deposit of RM650,000 in the month of March. In addition, the company also plans to increase BH EA.BPAIO1-00 CONFIDENTIAL APRIL2022IPBL ASSIGNMENTIPMA3143 its production capacity by acquiring a new production machine costing RM250,000. The deposit of 10% will be paid in April, and the instalment of RM5,500 per month will be paid starting from the month of May. Management of the company would like to have a cash balance of at least RM25,000 at the beginning of each quarter for contingencies. Therefore, an agreement with a local bank has been made so that the company can borrow in increments of RM5,000, with a maximum amount of RM60.000 in the event of cash deficiencies at a rate of 6% per annum. However, the borrowed amount will be paid as soon as the company has enough money to make a full settlement of the amount. The beginning cash balance in the rst quarter is estimated to be RM89,500. Required: Prepare the sales budget. production budget. direct labor budget, schedule of cash collection. schedule of cash disbursement for materials, and cash budget for each quarter and for the year 2023 in total. (30 points) (Note: show all the calculations and round off your answer.)