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Question 1 - Explain how a flexible budget can be of value to businesses.
Question 2 - Beauty Spa & Co. manufactures a specialised luxury spa that is supplied to five-star hotels around the country. The owner provides you with the following information to prepare its 1st quarter budget: July, August, and September. Budgeted sales are as follows:
Month
Sales ($)
Units Sold
May
25,000
250
June
28,000
280
July
30,000
300
August
40,000
400
September
35,000
350
October
37,000
370
Additional information:
i) Purchases are budgeted at $5.00 per unit and are paid for in full in the month after purchase.
ii) Closing inventory must equal 50% of the next month's sales.
iii) Sales (which are all on credit) are collected as follows: 60% in the month of sale; 30% in the month after the sale; 5% in the second month after the sale.
iv) The balance in the bank account as of 30 June is $10,000.
Required -
1. Prepare a purchases budget (in units and $) for the 1st quarter. (Purchases are based on expected sales).
2. Prepare the schedule of expected cash collections from Accounts Receivable for the months of July and August.
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