Question 3 (15 Marks) ZoLee Food Company is preparing budgets for the quarter ending Mar 31, 2020. Jan Feb Mar Apr May 10,000 units 50,000 units 30,000 units 60,000 units 40,000 units The management of this company assumes the following: 1) Selling price is $5. 2) On Dec 31, 2019, the finished goods totaled 3,000 units. Finished goods at the end of each month must be 20% of the following month's budgeted sales. 3) All sales are on account. 70% of the credit sales are collected in the month of sale, 25% in the month following sale, and the remainders are uncollectible. 4) On Dec 31, 2019, the cash balance is $10,000. Required: a. Prepare the cash collection for each month for January, February, and March. (3 marks) b. Prepare a budget showing the required production (in units) each month for January, February, and March. (3 marks) c. Due to the COVID-19 outbreak, the company predicts only 50% of the budgeted sales in units can be achieved. Moreover, the company decides to cut the selling price to $3, and the company expects 50% of credit sales can be collected in the month of sale, 20% in the month following sale, the reminders are not collectible. The other things being the same. Please prepare the cash collection and required production (in units) for January, February, and March. (6 marks) d. Refer to COVID-19 condition in the above question, assuming no other cash flows, and the desired ending cash balance for this quarter is $200,000. If you were the Chief Financial Officer (CFO) in ZoLee Food Company, please identify three methods to help the company to achieve the desired ending cash balance. (Word limit: 100)