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July Section C-Answer all questions. AIMS is a company manufacturing and selling a wide range of industrial products to large number of businesses throughout the country. You have been assigned the task of putting together a statement for the AIMS Company that shows its expected inflows and outflows of cash over the months of July 2021 through December 2021. You have been given the following data for ACME Company: 1. Expected gross sales for May 2021 through December 2021 are as follows, OMR 000 May June August September October November December 30000 29000 42500 50000 60000 62500 65000 70000 Two months' credit will be allowed to customers. 2. The expected purchase of raw materials is as follows. OMR 000 May June July August September October November December 21000 20300 29750 35000 42000 43750 45500 49000 The firms pay 100% of its current month's raw materials purchase in the following month. 3000 3. Wages are as follows. OMR 000 July August September October November December 4250 5000 6000 6250 6500 7000 Wages are paid on monthly basis. 4. During the month of July through December, the firm expects to have miscellaneous expenditures paid on the same month. OMR 000 July August September October November December 1500 2000 2500 3500 4000 5. Taxes will be paid in September in the amount of OMR 4,000,000 and in December in the amount OMR 4,500,000. 6. The beginning cash balance in July is OMR 1,500,000. Requirement A. Prepare a cash budget for July 2021 through December 2021. (20 marks) B. The management team at AIMS, consists of members with different expertise, some do not have any background of accounting. You are requested to discuss the purpose of budgetary control in companies like AIMS

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