On April 1 2021 M set up in business manufacturing children's bicycles. It is now June and, although he has seen some encouraging growth in demand, he needs some help to prepare for a meeting with the bank manager in a few days' time to discuss the progress of the business. He is particularly concerned about his future cash flows and, based upon the following data and assumptions, wishes to construct a cash budget for the next three months that is the period July - Sept 2021 using the following estimates: 1) Expected bank balance as at 1 July 2021 is $1500. 2) Actual and forecast sales (in units) at $80 per unit for 2021: April May June July Aug 60 70 80 90 100 Sept 80 3) 20% of customers are expected to pay in the month of sale, 25% to pay in the following month and 45% to pay two months after the sale. 10% of the customers are expected to never pay. 4) Direct labour of $10 per unit is expected to be paid in the month of production. 5) Raw materials of $24 per unit are expected to be paid for 1 month after the goods are used in production. 6) Other variable production expenses amount to $16 per unit. These are expected to be paid 25% in the month of production and 75% in the following month. 7) Production in units (actual and forecast) are: April May June July 70 80 80 Aug Sept 50 120 80 8) Predicted fixed expenses of $1500 per month include depreciation of $300 per month and are paid for one month in arrears. 9) M is planning to buy a new paint spray machine costing $800 in July 2021 and pay for it in August 2021. 10) You may assume that the revenues per unit and costs per unit are expected to be constant over the planning period. Required Prepare the monthly Cash Budget for the three months July to September 2021.