Webster provides the following information regarding its actual and future sales: January Actual 50,000 $ 80,000 $ February Actual 80,000 $ 12,000 $ March April May Forecast Forecast Forecast 90,000 $100,000 $ 120,000 90,000 $ 40,000 $ 60,000 Cash Sales Credit Sales $ $ Management expects that 40% of credit sales are collected in the month of the sale. 40% are collected in the month after the month of sale. 20% are collected in the month following. In a memo to your team (who are preparing the budgets), management also provides the following information: - The company has an obligation to repay $120,000 in debt in April. There is no debt to be repayed in the other months Cost of sales is 50% of sales revenue. - The company has regular deliveries of inventory to ensure that it can continue to meet its customer obligations. Inventory deliveries are paid in the following month and expected to be equal to 60% of sales in the delivery month. - Salaries and wage expenses add up to $10,000 per month. A further 20% is added for a variety of on costs. These amounts are paid in the same month. - Utilities costs are $3,000, $3,000, $4,000 and $5,000 in each of February, March, April and May, respectively. These costs are paid in the month following. - On the final day in April, the company commissions a long-term advertising contract for the following 12 months, to be used monthly. The contract is paid upfront on the same day. The contract is worth $48,000 spread equally across the 12 months. - The company has several items of PPE. At the end of April, it purchases another vehicle to $20,000. Depreciation prior to the purchase was $4,000 per month. Following, the purchase of the new vehicle, depreciation is expected to increase to $4,500 per month. - Management expects to pay $1,000 in interest each month. - The tax rate is 30%. Company income tax is then paid later in the year, but a provision is made during the month that profit is made. Using the following table and the information presented above, compute the Summary of Cash Flows for Webster Pty Ltd for March to May. The table includes items that may not have to be included in a summary of cash flows. You should leave these items blank. Cash outflows should be listed as negative values. March Forecast April Forecast May Forecast Receipts from Customers (3 items) Less Cash Outflows Cost of goods sold Inventory Purchases Salaries and wages paid Utilities Depreciation expense Acquisition of vehicle Advertising Interest expense Debt repayment Income Tax Total cash outflows (3 items) (3 items) (3 items) (3 items) (3 items) (3 items) (3 items) (3 items) (3 items) (3 items) $ $ $ Change in cash (3 items) Cash at Start Cash at End 5,000 5,000 5,000 5,000 5,000 5,000