QUESTION 2 Joy & Peace Ltd. sells "JP-1" at the price of $37 per unit. All sales are on credit basis. Joy & Peace management has provided you with the following sales forecast : Jul Aug Sept Forecasted Sales (No of units) 21,000 23,000 25,000 Joy & Peace expects that 70% of its sales will be collected in the month in which the sales is made and the remaining 30% will be collected 1 month following the sales. Required: (a) Compute the following (show workings using a sales budget or other means): @ Budgeted Sales Revenue ($) for the month of Aug 2020. (1.5 marks) (i) Jul sales revenue expected to be collected in the month of Aug 2020. (2 marks) (ii) Expected Total cash collections for the month of Aug 2020. (2 marks) (iv) Expected Total cash collections for the month of Sept 2020. (4.5 marks)