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QUESTION 2 (16 marks) Moferefere Company is a merchandising company that sells a single product. The company's inventories, purchases and sales in units for the next three months have been forecasted as follows: October November December Beginning inventory 10 000 10 000 10 000 Merchandise purchases 60 000 70 000 80 000 Sales 60 000 70 000 40 000 Closing inventory 10 000 10 000 50 000 Additional information: . All sales are one credit. Each unit is sold for R20. One fourth ('4) of all sales are paid in the month of sale and the balance is paid in the month following the month sale. Sales for the month of September amounted to R750 000. . Merchandise is purchased for R10 per unit. Half of the purchases are paid in the month of purchase and the remainder is paid in the month following the month of purchase. . Selling and administrative expenses are expected to amount to R240 000 per month. . Merchandise purchased in September amounted to R300 000. . Taxation payable in October amounts to R180 000. Bank balance on 30 September was R80 000. A payment of equipment purchased at the beginning of October for R250 000 is scheduled for November and a dividend of R200 000 is expected to be paid in December. Required: 2.1 Prepare a schedule of collections from customers for the months of October and November. (6) 2.2 Prepare a cash budget for the months of October and November