C. Woof Ltd sells pet food in 10-kilogram bags for $12.40 per bag. Sales estimates (in the number of units) for the two months of the year are as follows: Bags January 20,000 February 17,000 All sales are cash sales. Woof Ltd purchases bags of pet food at $9.40 per bag on credit and pays for them the month after the purchase. Purchases estimates (in the number of units) for the two months of the year are as follows: Bags January 19,250 February 16,500 Last December purchases were 21,000 bags. General and administrative expenses total $8,000 per month (including $10,000 depreciation), and Woof Ltd pays for these expenses (except for depreciation) in the same month they are Page 8 of 13 incurred. January's current liabilities (all to be paid in January) total $35,500. The business' cash balance on 1 January is $38,000. [TASK] i. Calculate the total cash receipt for January and February. Provide workings. ii. Calculate the total cash payments for January and February. Provide workings. iii. Calculate the cash balance at the end of January and February. Provide workings. iv. Explain two benefits of preparing a cash budget for a company. [10 marks] [Total: 25 marks]