(5 Marks) b) Your given the following information which relates to JEEP LTD for the year 2013 Material Wages costs Purchases Overhead Month (Tshs) (Tshs) costs (Tshs) Sales (Tshs) February 8.000 20,000 10,000 30,000 March 11,000 30,000 12,000 40,000 April 10,000 25.000 16.000 60,000 May 9,000 35,000 14,000 50,000 June 12,000 30,000 18,000 70,000 July 10.000 25.000 16.000 60,000 August 9,000 25,000 14.000 50,000 September 9,000 30,000 14,000 50.000 The following information the periods are also available a. It is expected that the cash balance on 31 May will be Tshs 22,000 the company intent to keep such cash balance in the future. b. Half of the wages may be assumed to be paid within the month they are incurred and the balance paid in the next month c. It is company policy to pay suppliers for materials two months after receipt. d. Sales: Of the monthly sales ten percent (10%) are cash sales and ninety percent (90%) are credit sales. 60% of the credit customers are expected to pay one months after delivery, 20% are expected to pay two months after delivery and the remaining 20% are expected to pay three months after delivery. e. The overhead costs include 20% depreciation on two cars and one delivery van. f. There is a 2-month delay in paying the overhead expenses. g. A commission of 10 per cent is paid to agents on all the sales on credit but this is not paid until the month following the sales to which it relates; this expense is not included in the overhead figures shown. h. It is intended to repay a loan of Tshs 25,000 on 30 June i. Delivery is expected in July of a new machine costing Tshs 45,000 of which Tshs 15,000 will be paid on delivery and Tshs 15,000 in each of the following 2 months. J. Assume that overdraft facilities are available if required. Required: Prepare a cash budget for each of June, July, August and September (15 Marks)