QUESTION 3 Maria Fashions Bhd supplies apparels and handbags to many boutiques and stores. Data regarding the store's operations follow: (25 MARKS) Statement of Financial Position as at 31 October Assets Cash Account receivables RM 50,000 142,000 327,600 Inventory Property, plant and equipment (net of RM1,008,000 accumulated Total Assets 2.695.600 Liabilities and stockholders' equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 464,000 1,400,000 2,695.600 1. Sales are budgeted at RM780,000 for November, RM740,000 for December, and RM760,000 for January 2. Collections are expected to be 90% in the month of sale, 5% in the month following the sale, and 5% uncollectible. 3. The cost of goods sold is 60% of sales. 4. The company purchases 70% of its merchandise in the month prior to the month ofsale and 30% in the month of sale. Payment for merchandise is made in the month following the purchase. 5. Other monthly expenses to be paid in cash are RM43,600. 6. Monthly depreciation is RM36,000. 7.Ignore taxes Required: a) Prepare a Schedule of Expected Cash Collections for November and December. (3 marks) b) Prepare a Merchandise Purchasos Budget for November and Decembor (4 marks) c) Prepare Cash Budgets for November and December d) Prepare Budgeted Profit or Loss Statements for November and Docember. (7marks) ) Propare a Budgetod Statement of Financial Position for as at December Page 4 of e