Mr. Raju just appointed as an account manager at NH Sdn Bhd, a retail company selling merchandises for local market. Mr. Raju is being responsible to prepare and monitor the budget and expenses of the company business. Currently the company is preparing the quarterly budget as of 31 December 2020 and he has been asked by Ms. Sally, the owner of the company, to prepare a master budget. The sales forecast for the merchandises are provided as follows: August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 Unit sales 1,500 actual 1,600 actual 1,700 budgeted 2,300 budgeted 2,400 budgeted 1,300 budgeted The average selling price and the average purchase price per unit are RM250 and RM150 respectively. As for desired ending inventory is expected 30% of next month's unit sales. Collections from customers will be 20% in month of sale, 50% in month after sale and 30% two months after sale. As for projected cash payments, inventory purchases will be paid in the month following acquisition. Meanwhile, variable cash expenses are equal to 35% of each month's sales and paid in the month of sale. Fixed cash expenses are RM20,000 per month and are paid in the month incurred. Depreciation on equipment is RM2,000 per month. Desired ending cash balance per month will be RM20,000. NH Sdn Bhd also has provided the following information at 30 September 2020. Balance Sheet as at 30 September 2020 Cash Account receivable Merchandise inventory (650 units) Fixed assets (net) Total assets RM 30,000 245,800 78,000 110,000 463,800 Account payable (merchandise) Owner's equity Total liabilities and equity 148,800 315,000 463,800 Required: Based on the information given, you are required to prepare the following budget** for the upcoming quarter ending 31 December 2020. a. Sales Budget for each month of the quarter; b. Purchases Budget for each month of the quarter; c. Cash Budget for each month of the quarter; d. Budgeted Income Statement; e. Budgeted Balance Sheet. 3