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FILE SAVE PRINT SHARE SAVE AS SAVE PDF OPEN IN OPEN PDF IN ABC itd is into production of beverages. It started production on 1 January Sales are planned to start in February and to be as follows for the rest of the year February March April May June July August September October November December Sales Units 200 250 300 350 400 450 400 400 350 300 250 Raw material purchases will be such that there will be suflicient raw materials stock available at the end of each month precisely to meet the following month's planned production. This planned policy will operate from the end of January Purchases of raw materials will be on two months' credit. The cost of raw material is $40 per unit of finished product. The direct labour cast, which is variable with the level of production, is planned to be $20 per unit of finished production Production overheads we planned to be $20,000 each month, including $3,000 for depreciation Non-production overheads are planned to be $11,000 per month of which $1.000 will be depreciation The selling price por unt will be $100. All sales will be made on credit. The business plans to offer a cash discount of 2% of the amount owed those customers who pay by the end of the month of sale. Customers for half of all units sold are expected to qualify for the discount. For the remaining half of the units sold, customers for 95% are expected to pay during the month following the sale. The remainder is expected to be bad debts . It is planned that sufficient finished goods stock for each month's sales should be available at the end of the previous month Various fixed assets costing $250,000 will be bought and paid for during January Except where specified, assume that all payments take place in the same month as the cost is incurred The business will raise $300,000 in cash from a share issue in January Required: Draw up a cash budget for the six months from 1 January to 30 June, with a column for each month. The budget should, among other things, show each end-of-month cash balance. Note: Show and explain all key workings - these will earn you marks, and you will lose marks if these are not provided. ABC Itd is into...erages.docx PAGE 1 OF 2 D FILE SAVE PRINT SHARE SAVE AS SAVE PDF OPEN IN OPEN PDF IN ABC itd is into production of beverages. It started production on 1 January Sales are planned to start in February and to be as follows for the rest of the year February March April May June July August September October November December Sales Units 200 250 300 350 400 450 400 400 350 300 250 Raw material purchases will be such that there will be suflicient raw materials stock available at the end of each month precisely to meet the following month's planned production. This planned policy will operate from the end of January Purchases of raw materials will be on two months' credit. The cost of raw material is $40 per unit of finished product. The direct labour cast, which is variable with the level of production, is planned to be $20 per unit of finished production Production overheads we planned to be $20,000 each month, including $3,000 for depreciation Non-production overheads are planned to be $11,000 per month of which $1.000 will be depreciation The selling price por unt will be $100. All sales will be made on credit. The business plans to offer a cash discount of 2% of the amount owed those customers who pay by the end of the month of sale. Customers for half of all units sold are expected to qualify for the discount. For the remaining half of the units sold, customers for 95% are expected to pay during the month following the sale. The remainder is expected to be bad debts . It is planned that sufficient finished goods stock for each month's sales should be available at the end of the previous month Various fixed assets costing $250,000 will be bought and paid for during January Except where specified, assume that all payments take place in the same month as the cost is incurred The business will raise $300,000 in cash from a share issue in January Required: Draw up a cash budget for the six months from 1 January to 30 June, with a column for each month. The budget should, among other things, show each end-of-month cash balance. Note: Show and explain all key workings - these will earn you marks, and you will lose marks if these are not provided. ABC Itd is into...erages.docx PAGE 1 OF 2 D