Question 6 (12 marks) Jamie Ltd.'s actual and estimated unit sales are as follows: November-actual 6,700 December actual 9,800 January-estimated 6,200 February-estimated 8,900 March-estimated 6,600 7,100 April-estimated Jamie Ltd.'s inventory policy is to hold enough inventory at the end of the month to meet 30% of next month's sales requirements. Each inventory unit costs $1.75. Cash disbursements on purchases are made as follows: 40% is paid in the month of purchase, and 60% is paid in the month following purchase. Each unit sells for $4.00, and cash collection patterns are as follows: % of sales made in cash 20% Credit sales are collected as follows: In the month of sale In the month following sale In the second month following sale Uncollectible (estimated at the time of sale) Required: 35% 40% 23% 2% a) Estimate Jamie Ltd.'s budgeted purchases (in units) for each of January, February and March. (3 marks) b) Estimate Jamie Ltd.'s budgeted cash disbursements on purchases for each of January, February and March. Calculate the accounts payable balance at the end of March. (3 marks) c) Estimate Jamie Ltd.'s budgeted cash collections for each of January, February and March. Calculate the accounts receivable balance at the end of March (6 marks)