Question 1 (14 marks) Doley Company has planned the following sales for the next three months: Name: The January February|-March 5 38.403546,066 $73.216 Budgeted sales monthly sales are cash sales, with the remaining BOS made on ny has learned that monthly sales on account are collected pattern, with any remaining amounts deemed to be uncollectible: Based on past experience, 20% of total account. From experience, the compa according to the following 56% Month of sale 29% First month following sale Second month following sale 8% The company requires a minimum cash balance of $5,000 to start a month. The beginning cash balance in March is budgeted to be $6,000. Required: a. Compute the budgeted cash receipts for March (6 marks) b. The following additional information has been provided for March (8 marks): 25,766 $26,663 $39,238 February inventory purchases (actual) ted Operating expenses (all paid in March) Depreciation expense for March Owner withdrawals (dividends) paid in March $5,000 $4,000 About half of the inventory purchases in a given month will be paid for in that month. The other half will be paid for in the next month. Required: Prepare a cash budget in good form for the month of March, using this information and the budgeted cash receipts you computed in part (a) above. The company can borrow in any dollar amount and will not pay interest until April