The following information is available from the budget of ScramJet Ltd. January 2011 February 2011 March 2011 Sales $ 800,000 $ 900,000 $1,200,000 Purchases of Raw Materials $120,000 $150,000 $200,000 All purchases are made on account with 40% paid for in the month of purchase and 60% in the following month. Twenty percent of sales are for cash and 80 per cent of sales are made on credit. Credit sales are collected 50% in the month of sale and 50% in the following month. REQUIRED: 1 a. Compute the budgeted cash collections for March I I po I I I I 10 Compute budgeted Accounts Receivable for March 31. . c. Compute the budgeted cash payments for purchases for March I I I to I I Compute the budgeted Accounts Payable for March 31. IR