Question 11 (8 points) Rounding/Entry Rules: Round your numerical answers to the nearest DOLLAR. Do not enter $ or , when entering amounts. If asked to enter a word or letter, be sure you check the spelling. Question: Jasmine Company provided the following sales information for the month of December: November December Actual Budget Cash sales $ 20,500.00 $ 40,000.00 Credit sales 100,000.00 130,000.00 Total sales $120,500.00 $170,000.00 For credit sales, the collection pattern is as follows: Month of sales 70% Month following sales 25% Based on past experience, the company estimates the remaining credit sales are uncollectible. Inventory purchases average 75% of current month's total sales. Payments for inventory are made as follows: Month of purchase 60% Month following purchase 40% Other expenses are as follows: Wages and benefits per month S 12,500.00 Rent and Utilities per month S 5,800.00 Gift baskets and ribbons S 1,200.00 Tax payment per quarter to be paid in December | $ 1,500.00 Depreciation expenses per month S 1,000.00 December 1 cash balance is $4,580.00. Required: Prepare a cash budget for the month of December and use it to answer the following questions. Cash sales and collections on account for the month are $ Payments for inventory for the month are $. Payments for all other expenses for the month are $ The ending cash balance at the end of the month is $