10 pts Below is budget information for next year for NGG Inc. Quarter 2 $75.000 $30,000 Quarter 1 Cash inflows. revenues $60,000 Cash outflows - dir matis, dir lab $25.000 Fixed OH expenses $8,000 Distributions to owners $5.000 Equipment purchases (long term $0 Quarter 3 $70,000 $27500 $8,000 Quarter 4 580.000 $35,000 $8,000 $5.000 $8,000 $5.000 $5,000 $0 $2.500 50 No variable overhead is incurred or budgeted. The expected cash balance at the end of the current year is $3,500. Disbursements other than for direct materials and direct labor are expected to occur in the quarter incurred Fixed overhead expenses include $1,000 for depreciation What is the budgeted excess or (deficiency) in cash flows at the end of the first quarter? O $23,000 None of the other answer choices are correct $26.500 $25,500 $22.000