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Question 2: Cash Conscious Inc. (13 marks) Please leave Column A blank so I can use it for marking. Cash Conscious Inc. is a merchandising company that buys goods for resale. Cash Conscious Inc. is preparing a cash budget for the month of March 2021 and has collected the following estimated data: NOTE: If some of the boxes below have #VALUE in them it means you haven't entered your student number on the cover tab. 1 Estimated monthly sales in units: January February March April May 1,275 1,375 1,475 1,325 1,525 2 Average selling price is estimated to be $ 15.00 per unit. All sales are credit sales. Estimated collection pattern for credit sales is 30% in the month of sale, 50% in the month after sale and 20% two months after 3 the sale. 4 The company would like to have ending inventory each month equal to 20% of next months sales. 5 Cost of purchases are estimated to be $ 8.10 per unit and are paid in the month of purchase. 6 Depreciation is calculated using the straight-line method. Assume all other annual fixed operating expenses are incurred evenly throughout the year and are paid in the month incurred. Annual Fixed Operating Expenses Advertising $ 11,520.00 Depreciation $ 12,960.00 Insurance $ 14,200.00 Property Taxes $ 12,950.00 Sales and Admin Salaries $ 14,400.00 Required: Prepare Cash Conscious Inc.'s cash budget for March 2021. Assume a March opening cash balance of: $ 19,500.00 To help you organize this, you will need to: a) Determine the sales budgeted for the first quarter and the amount of cash collected in March. (4 marks) b) Determine the merchandise purchase requirements for March. (3 marks) c) Determine the total cash disbursements for March (purchases and fixed operating expenses). (2 marks) d) Prepare the cash budget in good form (only 4 lines are required - opening cash balance plus receipts minus disbursements equals ending cash balance). (4 marks)