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Question 1 PPB Group Berhad is in process of preparation of the budget for the year ending 31 December 2018. Following are the extracts from the statement of profit or loss for the vasar ander 31 Deramhar on17. Raw material inventory as on 1 January 2017 amounted to \$152 million. There were no opening and closing inventories of work in process and finished goods. PPB Group follows the FIFO method for the valuation of inventories. Following are the projections to be used in the preparation of the budiget: (i) Selling price would be reduced by 5%. Further credit period offered to customers would be reduced from 45 days to 30 days. As a result, volumes of cash and credit sales are expected to increase by 10% and 5% respectively. (ii) Ratio of manufacturing cost was 5:3:2 for raw material, direct labour, and factory overheads respectively. (iii) All operating expenses and 20% of factory overheads are fixed. Total depreciation for the year 2017 amounted to $100 million and was apportioned between manufacturing cost and operating expenses in the ratio of 7:3. Depreciation for the next year would remain the same. (iv) Raw material inventory would be maintained at 30 days of consumption. Up to 31 December 2017, it was maintained at 45 days of consumption. (v) Raw material prices and direct labour rate would increase by 10% and 6% respectively. (vi) Impact of inflation on all other costs would be 5%. (vii) The existing policy of payment to raw material suppliers in 30 days is to be changed to 15 days. Other costs are to be paid in the month of incurrence. Required: Compute the budgeted net cash inflows and outflows for the year ending 31 Pagal CONFIDENTAL December 2018. (Assume there are 360 days in a year)