QUESTION 1 Below is the information for ACIS Company: a) ACIS's projected sales for the first eight months of 2019 are as follows: January 90,000 May 300,000 February 120,000 June 270,000 March 135,000 July 225,000 April 240,000 August 150,000 10% of sales is for cash, another 60% is collected in the following month and 30% is collected in the second month following sales. b) ACIS company purchases raw materials one month before its sales. Amount of raw materials needed is 50% of its sales. 50% of the purchases are paid in the month of purchase and the balance is paid one month after the purchase. c) The company pays RM10,000 per month for renting purposes, RM25,000 for salaries and RM20,000 each month for other expenditures. Depreciation is fixed at RM5,000 per month. d) Annual interest of RM30,000 is to be paid in May, June and July. e) A new machine worth RM110,000 will be purchased in June in order to replace the existing machine. f) The firm will receive dividend of RM40,000 from its investment beginning of each quarter. g) The firm's cash balance on 31st March is RM10,000 and a minimum balance of RM10,000 is to be maintained at all times. Prepare a cash budget covering the second quarter of 2019. (20 marks)