QUESTION 6: Master Budgets (14 marks) You are the accountant for Red Hot Wok, a fast food business based in Brisbane CBD that offers three standard meals: noodle bowls, egg rolls, and rice bowls. Each meal can be prepared with a variety of meats or vegetarian, however the costs and prices are similar for all varieties of each meal. The following contains the operational and sales assumptions for the coming month: Products Noodle Bowls Selling Price Next Month's Estimated Sales $4.00 200 bowls $3.00 100 egg roll meals $3.50 500 rice bowls per day Egg Rolls Rice Bowls Required 1. Prepare a revenue budget for the coming month assuming it is 30 days long and the business is open 7 days per week. Show all workings. (5 marks] 2. If 60% of each month's sales revenue is collected in the month the sale is made and the remainder is collected in the following month. How much cash will you expected to be collected in the coming month. What additional assumptions will you need to make? (5 marks] 3. Identify three (3) possible ways the owner could increase total revenues. Discuss the pros and cons for each of your ideas