Xcom is a small retailer that sells phone cases. The following estimates are available for the coming period: Month Budgeted Sales (Units) April 40,000 May 50,000 June 44,000 Notes: i. Opening cash balance for the month of May is expected to be $9,250. ii. Inventory policy- ending inventory of finished goods equal to 25% of that months sales. iii. Budgeted selling price per case- $40 iv. Purchase price per case - $10 (purchase volume greater than 30,000 cases per month will receive a 5% discount). v. Collections from customers: 80% in the month of sale 20% one month after the sale vi. Monthly operating expenses are budgeted at: Marketing $20,000 per month Sales commission (5% of Total Sales Collection for the month) Administration cost per month is $18,000. This includes depreciation of $2,000 per month. vii. All expenses and purchases are paid in the month incurred unless otherwise specified. Required: For the month of May, you have been asked to prepare: a. Purchases budget in units and dollars (10 marks) b. Sales collection schedule (3 marks) c. Cash Budget (10 marks) d. Explain the meaning of the term Rolling Budget (2 marks)