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The results of operations for the Tri Town Manufacturing Company for the fourth quarter of 2020 were as follows: $ 528,000 320,000 208,000 Sales Less variable cost of sales Contribution margin Less fixed production costs Less fixed selling and administrative expenses Income before taxes Less taxes on income Net income $ 112,000 52,000 164,000 44,000 17,600 26,400 $ Note: Tri Town Manufacturing uses the variable costing method. Thus, only variable production costs are included in inventory and cost of goods sold. Fixed production costs are charged to expense in the period incurred. The company's balance sheet as of the end of the fourth quarter of 2020 was as follows: Assets: Cash 152,000 Accounts receivable 208,000 Inventory 372,000 Total current assets 732,000 Property, plant, and equipment 424,000 Less accumulated depreciation 104,000 Total assets $ 1,052,000 Liabilities and owners' equity: Accounts payable 60,800 Common stock 520,000 Retained earnings 471,200 Total liabilities and owners' equity $ 1,052,000 Additional information: 1. 2. 3. 4. Sales and variable costs of sales are expected to increase by 12 percent in the next quarter. All sales are on credit with 60 percent collected in the quarter of sale and 40 percent collected in the following quarter. Variable cost of sales consists of 40 percent materials, 40 percent direct labor, and 20 percent variable overhead. Materials are purchased on credit. Fifty percent are paid for in the quarter of purchase, and the remaining amount is paid for in the quarter after purchase. The inventory balance is not expected to change. Also, direct labor and variable overhead costs are paid in the quarter the expenses are incurred. Fixed production costs (other than $8,000 of depreciation expense) are expected to increase by three percent. Fixed production costs requiring payment are paid in the quarter they are incurred. Fixed selling and administrative costs (other than $6,000 of depreciation expense) are expected to increase by two percent. Fixed selling and administrative costs requiring payment are paid in the quarter they are incurred. The tax rate is expected to be 20 percent. All taxes are paid in the quarter they are incurred. No purchases of property, plant, or equipment are expected in the first quarter of 2021. 5. 6. 7. Prepare a cash budget for the first quarter of 2021. Tri Town Manufacturing Company Cash Budget For the Quarter Ended March 31, 2021 ginning cash balance