Question 3 (15 marks) Cander Ltd manufactures sofa sets and sells to department stores all over Australia. Assume that Cander's sales are collected as follows: 50% in the month of the sale 30% in the month after the sale 18% two months after the sales 2% never collected November sales totaled $300,000 and December sales were $325,000. The sales budget for January was $ 262,500 and February was $ 306,250 respectively. Required: a) Prepare a schedule for the budgeted cash receipts from customers for January and February. Round answers to the nearest dollar. (4 marks) Assume Cander Pte Ltd pays for direct materials purchases 60% in the month of purchase and 40% in the month after purchase. The Accounts Payable balance on January 1 is $25,000. Total direct materials purchases for January were $ 96,505 and February were $ 115,245. Prepare a schedule for the budgeted cash payments for purchases for January and February. Round to the nearest dollar