Budget) Global Medical Appliances Limited (GMAL) manufactures medical appliances for hospital medical facilities around the world. In the past few years, the company has been struggling to survive in a highly competitive market. Matthew Moir was employed as operations director at the beginning of January 2024, and he has discovered that the current manufacturing system is outdated, requining a complete overhaul of the manufacturing plant to tum around the fortunes of the company. GMAL's board of directors has concluded that they would have to take Matthew at his word to make use of the latest technology to become more competive. They have appointed a renowned marketing company to help promote the medical appliances, given the expected cost advantage from the business process re-engineering, which could give rise to a more competitive pricing structure. The marketing costs will be 3,400,000, payable over 4 months in equal instalments commencing in July 2024. Being a medical product that is distributed globally and administered to millions of people, quality is of cardinal importance to customers, Latest technological advancements have seen the development of manufacturing and packing machines capable of operating at very high speeds and equipped with artificial intelligence lo monitor and adjust the manufacturing process to meet the exacting standards required in the medical appliance industry. Machines of this nature cost 600 million and can produce up to 200,000 appliances per month. These machines can be leased over 5 years at a premium of 11% per annum on the purchase price. One such machine is available and could be installed by the end of June 2024. However, Current demand in the marketplace indicates that a price of 1120.00 per appliance is achievable. The existing staff are highly skilled and capable of operating these new machines after further training costing 180,000 and taking place in the month of July 2024. Payment for this training is to be made in the month following the month of delivery of the training. Once installed, the new machines will require ongoing set-up and maintenance costs of 650,000 per month which is outsourced to a specialist maintenance company. These setup costs are paid one month in arrears. All GMAL employees are full-time employed on salaries and are included in the manufacturing overhead of 400,000 per month. These monthly costs are payable in the month of production. Production takes place in the month prior to the month of sale. Material costs, including packaging, amount to 510.80 per unit and is. purchased one month prior to production and paid for one month after purchase. Variable costs for delivery to clients are 35 per box of 50 units and are paid one month after the month of sale and delivery. The bank account is expected to have a balance of 70,450,500 at the beginning of July 2024. Production of units were constant throughout the year prior to July and will be ramped up monthly during 2024. Production, to serve their customers is as follows: June July August September 160,000 180,000 190,000 200,00 From September 2024 onwards, production is expected to remain at 200,000 units per month for the remaining life of the lease of the machine. Sixty percent of customers pay one month after invoice, and the remainder pay in two months. No bad debts are expected. Required: (a) Prepare the cash budget for GMAL for the third quarter (July-September) of 2024. (b) Perform an adjustment to the cash budget to reflect the revised (10 marks) closing balances for each month that will apply where the purchase arrangements for the machine are replaced by the lease of the machine. Show your workings. (c) Assuming that the cash balance is insufficient to fund the project start-up working capital and that, by the end of July there is a negative balance in the closing balance of the cash budget, what actions could GMAL take to remedy the situation? Identify three different actions that could see the cash balance for July turned positive