Current Attempt in Progress Cullumber Corporation is projecting a cash balance of $25,200 in its December 31, 2021, balance sheet. Cullumber's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $155,400. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $36,120. Other information gathered for the first quarter of 2022 is sale of equipment $2,520; direct labor $58,800, manufacturing overhead $29,400, selling and administrative expenses $37,800; and purchase of securities $11,760. Cullumber wants to maintain a balance of at least $21,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. CULLUMBER CORPORATION Cash Budget