Question 3 The Gombak Daisy Berhad (GDB) and its subunits must prepare budgets yearly. One of GDB subunit is Island Ice Cream (IICL a functioning producer of dairy products and famous for its delicious ice cream. Assume that IIC prepares monthly cash budgets. Relevant data from assumed operating budgets for 2017 are as follows: January RM Sales 460,000 Direct materials purchases 185,000 Direct labour 70,000 Manufacturing overhead 50,000 Selling and administrative expenses 85,000 February RM 412,000 210,000 85,000 65,000 95,000 i. TIC sells its ice cream in university's shops located in Klang Valley. Collections are expected to be 75% in the month of sale and 25% in the month following sale. IIC pays 60% of direct materials purchases in cash in the month of purchase, and the balance due in the month following the purchase. All other items above are paid in the month incurred. Additional information: Sales: December 2018 was RM320,000 ii. Purchases of direct materials: December 2018 was RM175,000 iii. Other receipts: January - Donation received RM2,000. February - Sale of used equipment RM4,000 iv. Other disbursement: February - Purchased equipment RM10,000 Repaid debt: January RM30,000. The company's cash balance on January 1, 2019 is expected to be RM50,000. The company wants to maintain a minimum cash balance of RM45,000. Required: a) Prepare schedule of collections from customer for January and February 2019. b) Prepare schedule of payments for January and February 2019. V. c) Prepare a cash budget for January and February 2019