Question 3 Ardell Sdn. Bhd. is a company involves in producing various high-quality food container. The company prepares its financial budgets quarterly. The following information is available for the months of February to June 2021 Cash Sales Credit sales Purchases Wages and salaries Overhead expenses February RM 50,000 199,000 105,000 56,000 March April May June RM RM RM RM 55,500 45,600 51,000 60,300 201,000 225,000 202,000 230,000 102,000 124,000 90,500 101,700 57,000 59,000 58,000 60,000 58,500 57,800 59,900 60,900 65,000 Additional information: (i) The cash balance on 31 March 2020 is expected to be RM112,200. (ii) It is estimated that 40% of debtors will be paying in the month following sales. The remaining of credit sales will be collected in two months after sales with no discount. All purchases are on credit terms. 50% of the purchases will be settled in the month of purchase. The remaining of the purchases will be paid one month after the purchase (iii) (iv) Wages and salaries are paid in the month they incurred. (v) Payments for overhead expenses are made in the month they are incurred. Included in the overhead expenses is a monthly depreciation of RM14,500. (vi) (vii) In May 2021, the company will receive income from investment amounting to RM55,000 cash. Due to increase in demand, the company decided to purchase new machine. The new machine will be paid cash RM90,000 in June 2021. (viii) The company declared to pay dividend amounting RM45,000 in June 2021. (ix) Taxation amounting to RM24,750 is to be paid in April 2021. Required: Prepare a monthly cash budget for April, May, and June 2021. (25 marks)