The management of Norwegian Wood Ltd provides you with the following information: Budgeted amounts for: November December Sales, all on account $100,800 $103,000 Purchases, all on account $49,200 $50,750 Commissions Expense $ 5,040 $ 5,150 Salaries Expense $ 6,000 $ 6,100 Rent Expense $ 2,640 $ 2.680 Depreciation Expense $ 600 $ 610 Interest Expense $1,300 $ 1,270 At the end of November, the Cash at Bank is expected to be $62,562 Required: a) Calculate the expected cash receipts from customers for December's cash budget. Assume cash receipts are 35% in the month of sale and 60% in the following month. On average 5% of the credit sales are bad debts. (2 marks) b) Calculate the cash payments for purchases for December. Assume purchases are paid 80% in the month of purchase and 20% in the following month. (2 marks) c) Calculate the cash payments for selling and administrative expenses for December. Salaries and commissions are paid 70% in the month incurred and 30% in the following month. Rent expense and Interest expense are paid in the month incurred. (6% marks) d) Using the totals calculated in parts a, b, and c, prepare the cash|budget for December. (5% marks)