Cullumber Corporation is projecting a cash balance of $34,200 in its December 31, 2019, balance sheet. Cullumber's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $210,900. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $49,020. Other information gathered for the first quarter of 2020 is sale of equipment $3,420, direct labor $79,800, manufacturing overhead $39.900, selling and administrative expenses $51,300; and purchase of securities $15,960. Cullumber wants to maintain a balance of at least $28,500 cash at the end of each quarter. Prepare a cash budget for the first quarter. CULLUMBER CORPORATION Cash Budget v v