Question 1 The following information is from Lily Furniture's Company's financial records. Month Sales July August September October 180,000 165,000 150.000 195,000 Purchases S 105,000 120,000 90,000 135.000 Collections from customers are normally 70 percent in the month of sales, 20 percent in the month following the sale and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 per cent discount allowed on purchases paid for by the tenth of the following month. Purchases for November are budgeted at $150,000, and sales for November are forecasted at $165.000. Cash disbursements for expenses are expected to be $36,000 for the month of November. The company's cash balance on November 1 was $55,000. Required: Prepare the following schedules: (0) Expected cash collections during November. (2 Marks) 8 (ii) Expected cash disbursements during November. (2 Marks) (iii) Expected cash balance on November 30. (2 Marks) (b) List and explain FOUR (4) purposes of budgeting systems. (4 Marks)