Alex Ltd started its operations from 1 Jan 2013. Its budgeted sales for the next 6 months are as follows: Sales Revenue (Units) January 2,000 February 2,200 March 2,300 April 2,400 May 2,600 June 2,800 The selling price per unit is expected to be £30 per unit. All sales will be made on credit. For each monthly sales, customers pay 30% in the same month and the remaining 70% in the following month. The direct labour cost is fixed at £12,000 per month and is paid in the same month. Overhead costs are planned to be £8,000 each month including £2,000 for depreciation. Overhead costs are paid in the same month. For raw material purchases, the cost of raw material is 10% of units sold every month and it is paid two month in arrears. Company bought the equipment for £150,000 in Jan and payment was made over April to June. Opening cash balance at the start of Jan (1st) is £70,000. Required: Draw up a cash budget for the 6 months from 1 January to 30 June, with a column for each month. The budget should, among other things, show each end-of-month cash balance.