Question 1 The following budgeted data has been provided for Nepem Ltd: Purchase Wage Month Sales s s Miscellaneous 120,00 10,00 May 0 84,000 0 7,000 130,00 12,00 June 0 100,000 0 8,000 80,00 8,00 July 0 60000 0 6,000 116,00 10,00 August 0 75,000 0 12,000 Septemb 88,00 8,00 er 0 80,000 0 6,000 All figures are in XAF Sales: 20% is paid in the month of sales, 80% paid in the next month Purchases: The Company receives one month credit period from its suppliers. Wages are paid one month after the period incurred. Miscellaneous expenses. Paid a month in arrears. Rent: 1,000 XAF per month paid quarterly in advance due in July. Second installment of advance tax 25,000 XAF paid in September. Income from investments: 5,000 XAF received quarterly, in January, April, July, etc. Cash in hand: 5,000 XAF on 1st July, 2021. Required: Prepare the forecast cash position for Nepem Ltd for the three months July, August and September. (10 mks)