QUESTION 3 (23 marks)(28 minutes) The following actual and estimated figures for 2021 are provided by Credo Manufacturers: Total sales Cost of raw materials Labour costs Manufacturing costs. Selling and administrative expenses....... Actual January February R R 200 000] 228 000 27 000 31 000 9 600 10 800 8 200 8 400 2 500 2 800 Estimated March April R R 288 000 316 000 38 ooo 43 000 11 500 12 000 9000 9 100 3 100 3950 1. 2. 3. 4. Additional information: 40% of the total sales are on credit. The bank balance on 1 March 2021 is R18 850, favourable. The expense items are normally being paid as follows: raw materials and manufacturing costs: two months after incurred labour costs: during the month incurred selling and administrative expenses: one month after incurred An analysis of the receipts from the debtors revealed the following: 15% during the first month after the month of sale 50% during the second month after the month of sale 25% during the third month after the month of sale 10% is usually irrecoverable Rent receivable amounts to R8 500 per month The purchase of a computer for R10 000, cash is planned for April 2021. REQUIRED Prepare the cash budgets of Credo Manufacturers for March and April 2021. 5. 6