Badger Incorporated is in the process of preparing their budgets for budget period 2018. They are starting to prepare their cash budget. As of December 31, 2017 they are estimating a cash balance on hand of $20,000. Badger Inc. generates only credit sales. For 2018, they are anticipating the following sales on a monthly basis for the first quarter of 2018: December 2017 - $500,000 January - $300,000 February - $325,000 March - $400,000 With respect to cash collections, Badger anticipates collections of 70% in the month of sale, and 25% in the following month (with the other 5% uncollectible). Production costs are expected to be a function of expected credit sales and are expressed as follows: Direct materials - 40% Direct labour -20% Manufacturing overhead - 15% Production costs are 100% paid in the month incurred. Selling & administrative expenses are expected to be $50,000 each month. Badger Inc. has a policy of maintaining a minimum cash balance of $100,000. Any borrowings to meet this minimum threshold is paid back the first month following borrowing plus 3% interest on principal borrowed. Based on the above information prepare a cash budget for each month in the first quarter of 2018 (For any repayments of borrowings you do not need to separate out principal and interest)