X Co. has projected sales and production in units for the month of April as follows: Sales 40,000 Production 50,000 Cash-related production costs are budgeted at $9 per unit produced. Of these production costs, 50% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses amount to $350.000 per month, which includes $60,000 of depreciation expense. The accounts payable balance on March 31 totals $187.000. This balance relates entirely to production. All units are sold on account for $18 each. Cash collections from sales are budgeted at 55% in the month of sale. 35% in the month following the month of sale and 6% in the second month following the month of sale. The remaining 4% are not collectible Gross accounts receivable on April 1 totaled $480.000 ($80.000 from February's sales and the remainder from March). X has $60.000 cash at April 1st. X will be purchasing a new piece of production equipment at the beginning of April for $70,000. The company's policy is to maintain a minimum cash balance of $60.000. The company has a line of credit that it can utilize for any cash deficits. To date, the company has not had to borrow any money from this line of credit. Interest on the line of credit is paid on the day of the month following the month of the borrowing. Required: Prepare a cash budget for the month of April for X da (11 marks)