Management and Cost_Account X MA Assignment.pdf X + O File C:/Users/AF19 024/Documents/MA/MA%20Assignment.pdf ta 2 3 of 4 Q + O Page view | A Read aloud Draw Highlight Erase + Task 2 The Village Company is planning to request for an overdraft facility from its bank, Absa The following sales forecasts have been made for parts of 2021 and 2022: May 2021 P150.000 June P150,000 July P300,000 August P 450,000 September P 600,000 October P300,000 November P300.000 December P P 75,000 January 2022 P150,000 Cash collection estimates obtained from the credit and collection department are as follows: 1.Collected within the month of sale, 5 percent ii. Collected the month following the sale, 80 percent Collected the second month following the sale, 15 percent iv.Payments for labour and raw materials are typically made during the month following the month in which these costs are incurred. V.Total labor and raw materials costs are estimated for each month as follows: May 2021 P 75,000 June 75,000 July 105,000 August 735,000 September 255.000 October 195,000 November December 75,000 General and administrative salaries will amount to approximately P22,500 a month; lease payments under long-term lease contracts will be P7,500 a month; depreciation charges will be P30,000 a month; miscellaneous expenses will be P2,250 a month; income tax payments of P52,500 will be due in both September and December; and a progress payment of P150,000 on a new research must be paid in October. Cash on hand on July 1 will amount to P110,000 Required Prepare a cash budget for the last six months of 2021 with an estimate of required financing for excess funds) Total 30 marks 135.000 Type here to search OB 635 PM 3/29/2021