Problem-1 i) New Vision Company's sales budget for the third quarter is: Month July August September Total Budgeted Sales (Tk.) 80,000 92,000 68,000 240,000 From the past experience, the company has learned that 70% of a month's sale is collected in the month of sale and 30% is collected in the month following the sale. On June 30, balance of outstanding accounts receivables from credit sale of June was Tk. 16,000 which will be received in July Required: Prepare a schedule of expected cash collections from sales by month (July to September) and total for the quarter. ii) Advanced Company's production budget for the third quarter is: Month July August September Total Required Production (units) 6,500 7,000 7,500 21,000 Past experience indicates that one unit of finished goods requires five (5) pounds of raw materials. The company is now in the process of preparing a raw material purchase budget for the third quarter. Company's policy is that end-of-month inventories of raw materials must equal to 20% of following month's production needs. A budgeted production of October is 8,000 units. Beginning balance of raw material inventory in July was 6,500 pounds. Required: Prepare a raw material purchase budget for the three month (July to September) each and total for the quarter