Question 7 Angry Chair Furniture Sdn Bhd commenced their business on 2 January 2020.The following is the data for the next four months: January February March April Sales (units) 5 30 45 75 40 40 60 60 Production (units) Additional information: i. Standard selling price and cost per unit are as follows: RM Selling price 1,500 Materials 700 Labour 400 100 Variable overhead ii. iii. Fixed overheads excluding depreciation is RM11,500 per month payable in the same month. Depreciation will be charged at RM1,500 per month. Cash royalty payment for designer Rafie Ghani amounted to RM50 for each unit produced With effect from February, available factory space will be rented out at RM2,800 per month iv. V. Purchase of plant and machinery amounted to RM100,000 and is to be payable in amounts of RM50,000 in February, RM25,000 in April and the balance in June. vi. The company's trade terms are: Sales - 50% cash, the balance payable 2 months after invoice. Materials - 10% cash, the remaining is payable 1 month later. Labour - cash. All other expenditures - 1 month credit. vii. A loan of RM150,000 is expected to be received in March and the repayment of RM2,000 per month will begin from April. viii. Cash in hand as at 2nd January 2020 is RM7,800. Required: Prepare a cash budget for the FOUR (4) months from January to April 2020, showing clearly the balances at each month end. [30 marks]