Construct the monthly cash budget for your business using the following example. . (15 Marks) The XYZ Pty Ltd. has projected sales of $15,000 in May, $20,000 in June, $22,000 in July, $25,000 in August, $27,000 in September, $30,000 in October, $35,,000 in November, and $40,000 in December. Of the projected sales, 22% will be received in cash on delivery and 78% will be on credit. Of the credit sales, 40% will be received one month after the sale and the remaining outstanding balances will be received in the second month after the sale. Materials cost 22% of the current month's projected sales. The material cost is paid in the month after the purchase. Labour expense is 30% of projected sales and is paid in the month of sales. Sales agent receives commission at 10% of the monthly sales and is paid in the month after the sale. Company's cash payments for overhead in July, August, September, October, November and December are $1,,000, $2,000, $3,,000, $4,,000, $5,000, and $6,000, respectively. The company needs to lodge BAS statement quarterly and hence estimated GST payment of $4,000 and $5,000 in September and December, respectively. The cash balance at the beginning of July is $2,000. Based on the above information, construct the monthly projected cash budget from July to December for the XYZ Pty Ltd. You are required to estimate the projected monthly cash inflows, cash outflows, net cash flows, beginning cash balance and ending cash balance. 4 May June July 5 6 7 8 August Septembe Octobe Novembe Decembe 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Forecasted monthly sales Collections: From current sales (22%) From prior month's sales (0.4 x 78% = 30%) From two months prior sales (0.6 x 78% = 45%) Total Cash receipts Cash Payments: Material purchase Monthly labour costs Sales Commission Monthly overhead expenses Quarterly net GST payment Total Cash payments Net cash flow Beginning cash balance Ending monthly cash balance