i Data Table (Click on the following icon 2 in order to copy its contents into a spreadsheet.) January February March $100,000 120,000 170,000 April May June $280,000 295,000 200,000 July August $180,000 180,000 Print Done O Problem 14-14 (similar to) Question Help Preparation or a cus budget) Lewis Printing has projected its sales for the first months of 2019 as follows: Lewis collects 20 percent of its sales in the month of the sale, 40 percent in the month following the sale, and the remaining 10 percent 2 monthe following the sale. During November and December of 2018, Lewis's sales were $220,000 and $185,000, respectively. Lewis purchases raw materials 2 months in advance of its sales. These purchases are equal to 80 percent of ile final sales. The supplier is paid 1 month after delivery. Thus, purchases for Apri sales are made in February and payment is made in March. In addition, rent experise is $12,000 per month and other expenses total $25,000 arranth. Beginning in March, quarterly lax prepaymenils af 321,500 are made. The company's cash balance as af December 31, 2012, was $28,000; a mininiurn balance of $25,000 must be maintained at all times to satisfy the firm's bank line of credil zagreement. Lewis has arranged with its bank for short-term credit at an interest rate of 10 percent per arinum (1.5 percent per months to be paisi ranthly. Burrawing to meet estimated monthly cash neetis takes place at the end of the month, and interest is not paid until the end of the following month. Consequently, if the firm needed to borrow $50,000 during April, then it would pay $750 ( = 0.015 $50,000) in interest during May. Finally, Lewis follows a policy of repaying its outstanding short ter delt in any manth in which its cash balance exceeds the mininiurn desired balance of $25,000. a. Lowis nerds to know what is cash requirements will be for the next 6 months so that it can renegotiate the terms of its short-term credit agreement with its bank, if necessary. To address this problem, prepare a 8-month cash budget. Also, recalculate the budget for a +20 percent variation in its monthly sales. b. Lewis has a $20,000 nate due at the end of Jure. Will the firm have sufficient cash to repay the loan? a. Prepare a cash burget for Lewis Printing covering the first & maths of $21.500. Fill in the Collections for the month of January (Round in the nearest dollar Nov Dec Jan Feb Mar Apr May June Sales $220,000 $185,000 $100,000 $120,000 $170,000 $280,000 $295,000 $200,000 Collections Month of sale (2015) First month (40%) Second month (40%) Total Collections $