unny Sec.No.0T Fall 20-21 Question 3. (5 Marks) Case 1. The GDK USA Corporation is preparing its cash budget for the four months ended December 31, 2020. The cont accountant has compiled the following data in coordination with the credit department Monthly credit sales were projected as follows: Qu -dour of October September $20,000 November December $50,000 $90,000 $60,000 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 1 month after sale. -20% will be collected in the 2nd month after sale, - 10% will be collected in the 31 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)