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Wages Question 2 You are presented with the following forecasted cash flow data for your organization for the period May to December 2019. May June July Aug Sep Oct Nov Dee. GH GH GH GH GHE GH GH GH Sales 80,000 100,000 110,000 130,000 140,000 150,000 160,000 180,000 Purchases 40,000 60,000 80,000 90,000 110,000 130,000 140,000 150,000 10,000 12,000 6,000 20,000 24,000 28,000 32,000 36,000 Overheads 10,000 10,000 15.000 15.000 15.000 20,000 20,000 20,000 Dividends 20,000 40.000 Capital expenditure 30.000 You are also told the following: i Sales are 40% cash 60% credit. Credit sales are paid two months after the month of sale. ii. Purchases are paid the month following purchase. iii. 75% of wages are paid the month after they are declared. iv. Overhead are paid the month after they are incurred. Dividends are paid three months after they are declared. vi. Capital expenditure is paid two months after it is incurred. vii. The opening cash balance is GH 15,000. The managing director is pleased with the above figures as they show sales will have increased by more than 100% in the period under review. In order to achieve this he has arranged a bank overdraft with a ceiling of GH50,000 to accommodate the increased inventory levels and wage bill for overtime worked. Required a) Prepare a cash budget for the six-month period July to December 2019. [14 marks) b) Comment on your results in the light of the managing director's comments and offer advice. [6 marks)