Question 1 Bob's Shirt Shop sells t-shirts at soccer tournaments. The shirts sell for $20 each. This year, Bob expects to sell 500 shirts in May, 600 shirts in June, 500 shirts in July, 700 shirts in August, 900 shirts in September and 800 shirts in October. On average, 30% of his clients purchase on credit. Bob allows those customers to pay for their purchases the month (one month) after they have made their purchase. Required: a) Prepare a sales budget for Bob's Shirt Shop for the third quarter. (present all of your calculations) 14 Marks (7 Marks) b) Prepare a cash collection budget for Bob's Shirt Shop for the third quarter. (present all of your calculations) (7 Marks)