Question 1 (7 + 3 + 4 = 14 marks) The following table contains the projected sales of Wanderlust Pty Ltd for July 2017 to September 2017: July August September Sales $62,000 $65,000 $68,500 Additional information related to the month of September 2017 is as follows: Opening cash balance is $8,750. 50% of sales are collected in the month of sales, 30% of sales are collected in the month following the sale and 20% of sales are collected two months following the sale. Wages expenses of $14,250 will be paid in cash. In addition to the fixed salary of $14,250, Wanderlust provides its employees a monthly bonus of 5% of total sales, payable the following month. Payment in cash to creditors is expected to be 30% of the previous month's sales. Depreciation and amortisation total $56,432 for September. Other expenses of $12,275 will be paid in cash - Sale of an old bus for $13,540 cash will occur. - Other debtors at 31 August 2017 include $41,200 relating to an insurance claim that is expected to be settled in September. Required: (a) Based on the relevant information provided above, prepare a cash budget for September 2017. (b) Wanderlust Pty Ltd is considering purchasing an additional bus for $75,000 to accommodate an increase in the number of tourists in the coming spring. Based on your answer in part (a), explain whether you think the purchase of the new bus in September is possible. (c) Assume that actual financial results were obtained for September 2017 and wages paid was $10,250. Determine the wages variance, indicating whether it is favourable or unfavourable and suggest two reasons it may have occurred