Q3. Fill in the blanks of Table 1: Monthly Cash Outflows and Table 2: Monthly Cash Inflows. Then, use the information to generate Table3: Pro-Forma Cash Flow Budget and answer the following questions. (10 points in total) Table 1: AgBiz Estimated Monthly Cash Outflows (Jan.-Apr:) Item Jan Feb Mar Apr Sales $8,000 $9,000 Purchases($) $6,000 $12,000 $11,000 Payment of Account Payable $5,000 $4,000 Payment of Overhead $1,000 $1,000 $1,000 $1,000 Total Cash Outflows Inventory Levels $11,000 Assumptions: 1. The inventory turnover rate is 12. 2. Inventory is equal to current month's purchases + previous month's purchases 3. Cost of goods sold=50% of sales 4. Account payable turnover ratio=6. Table 2: AgBiz Estimated Cash Inflows (Jan. - Apr.) Item Jan Feb Mar Apr Sales $8,000 $9,000 Cash Sales (S) Account Receivable $2,000 $3,000 (2 month old) Account Receivable $1,000 $1,000 $2,000 (3 month old) Total Cash Inflows Assumptions: 1. Sales are 2/3 cash, and 1/3 credits. 2. Account Receivable ratio is 4. Table 3: Pro-Forma Cash Flow Budget Item Jan Mar Apr Feb $1,000 $1,000 $1,000 $1,000 Initial Cash Balance Cash Inflow Total cash available Cash Outflow Net Cash Need Borrowings $1,000 $1,000 S1,000 End Cash Balance $2,000 Cumulative borrowings (Hint: These three tables are consistent. You are able to get cash inflow from table 2 and cash outflow from table 3) Based on the above Pro-Forma Cash Flow Budget, answer the following two questions: (1) Does the business need to borrow money? If yes, how much money needs to be borrowed? When does the money need to be borrowed? When will the loan be repaid