Question 3. (5 Marks) Case 1. The GDK USA Corporation in preparing its cash budget for the four months ended December 31, 2020. The cost accountant has compiled the following data in coordination with the credit department. a) Monthly credit sales were projected as follows: October November September $20,000 December $60,000 $50,000 $90,000 b) The collection of the credit sales has been estimated by the credit department as follows: - 40% will be collected in the month of sale. 30% will be collected in the 7 month after sale. 20% will be collected in the 2nd month after sale. 10% will be collected in the 3rd month after sale. c) Payments were estimated as follows: Purchases of materials: September $12,000, October $16,000, November $20,000, December $ 5,000. Direct labor wages: September $4,000, October $6,000, November $8,000, December $15,000. Factory overhead: $2,000 for each month. d) The beginning cash balance in September was projected $4,000. Required: Prepare a cash budget for the four months ended December 31, 2020. (Marks = 2.5 marks Cash collections, 1.5 Marks Cash balance 1 Mark balance)