Following information are taken from adele Sdn Bhd (ASB): a) The cash balance at 1 st August 2018 was estimated to be RM 40,000 b) ASBId budgeted sales revenue as follows: June RM Jul RM August RM Cash sales 66,000 62,000 70,000 Credit sales 120,000 160,000 200,000 Total sales 186,000 222,000 270,000 c) Credit sales are collected over a two-month period. With 80% being collected in the first month after the sales occurred and the remainder being collected in the second month also after the sales occurred. d) Inventory purchased are expected to be RM200,000 in August. The company pays for inventory purchases in the month following purchase. The balance of July's purchase is RM250,000. e) Selling and administrative expenses are budgeted to be RM18,000 for August. Of that amount 30% is depreciation. f) Two lorries which cost RM50,000 will be purchased in August through cash. g) The company wishes to maintain a minimum cash balance of RM10,000 at the end of each month. The company borrows money from the bank at 10% interest rate per annum if necessary to maintain the minimum cash balance. Required: a) Prepare a schedule of collections for the month of August 2018. b) Prepare cash budget for the month of August 2018. c) Explain any THREE (3) benefit of budgeting