A Manufacturer made one product Tiles. Sales for the period consists of the following information:

Month $

November 100,000

December 350,000

January 300,000

February 250,000

March 300,000

Balance brought down was $40,000

Purchases of Raw Material: January $ 60,000; February 55,000; and March 60,000.

Purchase equipment $10,000 to be paid for in February; Salary for each month $10,000; Electricity $4000 per month; Rent $12,000 each, Depreciation $5000. Income tax for the year paid in March $3000.

All Sales are done on credit and collection are collected every quarter.

Collection schedule as follows; 60 percent in the month of sale

30 percent in the month following sale and 20 percent two months following sale.

You are required to prepare

B. the Cash Budget for the first Quarter 2021