Lola with Love, an online clothing business, is developing a cash budget for 2021. Total sales are expected to be $9,500,000, with the following monthly pattern: Month % Month % Month % January 6 May 8 September 9 February 6 June 7 October 9 March 7 July 7 November 10 April 8 August 8 December 15 Currently, 70% of the sales are paid for immediately. The other 30% are given credit terms that tend to result in their collection in the month following sale. From the total sales, on average 5% are returned for a full refund in the following month. Returns are normally added back into warehouse stock. Sales for 2022 are expected to be 10% higher and are expected to follow the same sales pattern. Cost of goods sold averages 52% of sales price. Goods are purchased one month before they are sold. Payment is made in the month after sale. Variable operating expenses average 18% of total sales. Fixed operating expenses are $170,000 per month. Tax payments are $27,000 per quarter. In addition, advertising is planned to take advantage of the prime sale periods. The advertising plan is as follows: Quarter Amount Quarter Amount First $40 000 Third $45 000 Second $60 000 Fourth $60 000 The opening cash balance is $75,000. Other relevant 1st January, 2021 balances are accounts receivable, $260,000; and accounts payable, $410,000. To enable the above data to be aggregated the management accountant sourced information from all managers as well as the analytic data from the online system. The revenue split during 2020 showed 60% of customers were female and 40% were male. Thirty percent had a NSW postcode, 15% a Victorian postcode, 5% each came from the ACT and Tasmania, 10% eacn from Western Australia, the Nth Territory & Queensland and 15% from Singapore. The age bracket most customers fell in was the 16yrs-30yrs bracket (55% of customers), with 31yrs-45yrs representing another 30% of customers. Ten percent of customers were between 46yrs - 60 yrs bracket and 5% in the over 60yrs category. The most popular product category (especially for the younger age categories) was the range of swimwear which represented 40% of sales. Ten percent of sales were for hats (especially for the older customers) and the remainder was evenly split between casual wear and cocktail wear. Required (a) Prepare the cash budget per quarter and in total for 2021. This should be completed using a computer spreadsheet package. (See note below regarding submission requirements.) Note The report should be prepared using a spreadsheet. Your spreadsheet should contain the following: (i) A basic input data area containing given data that may be referenced by other parts of the spreadsheet. (ii) Any schedules/costing section. This should contain: Calculations of: Cash Collections from Sales Cash Payments from Purchases (iii) A Report area containing the information that would be provided to the CEO. i.e The cash flow budget. This should be in 5 columns: 1st quarter, 2nd quarter, 3rd quarter, 4 th quarter and total.