Q3. Fill in the blanks of Table 1: Monthly Cash Outflows and Table 2: Monthly Cash In flows. Then, use the infomation to generate Table3: Pro Forma Cash Flow Budget and answer the following questions. (10 points in total) Table 1: Ag Biz Estimated Monthly Cash Outflows (Jan-Apr.) Feb Item Sales Jan $8,000 Mar $7,000 Apr Purchases(S) $1,500 $4,000 $5,000 $7.000 $4,000 $1.000 $1.000 s1.000 $1,000 Payment of Account Payable Payment of Overhead Total Cash Outflows Inventory Levels $5.000 mm 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 25% of sales 4. Account payable turnover ratio 6. Table 2: AgBiz Estimated Cash Inflows (Jan. - Apr.) Feb Item Sales Apr Jan $8,000 Mar $7,000 Cash Sales ($) $1.750 $4,000 Account Receivable (1 month old) $2.000 $2,000 $1.000 Account Receivable (3 month old) Total Cash Inflows eswmptions: 1. Sales are 1/4 cash, and 3/4 credits 2. Con Receivable ratio is 4. Table 3: Pro Forma Cash Flow Budget Jan $1,000 Feb $1,000 Mar $1,000 Item Initial Cash Balance Cash Inflow Apr $1,000 Total cash available Cash Outflow Net Cash Need Borrowings End Cash Balance $1.000 $1.000 $1.000 Cumulative borrowings (Hint: These three tables are consistent. You are able to get cash inflow from table 2 and cash outflow from table 3) (2) When does the money need to be borrowed? When will the loan be repaid