Question 2 Nova Ltd. is a merchandising company that sells electronic goods to customers. The budgeted sales for the four months of operations are provided below: July August September Budgeted Sales S670,000 $ 700,000 $ 650,000 $ 580,000 Sales in units 670 700 650 580 June Additional Information: Nova Ltd sells electronic goods to customers on both credit and cash. The company expects that 40% of the sales will be for cash and paid immediately by the customers on the month of sales. The remaining 60% of credit sales will be paid as 30% on the month of sales and the remaining to be paid in the following month. Past experiences of the company indicates that ending inventory levels at the end of the month must equal 10% of the next month's sales. Required [Marks: 10+5=151 (a). Prepare a schedule of expected cash collection from sales for the month of July, August and September. (b) Prepare a production budget for the month of July, August and September