In the fourth quarter of 2020, Eurofit Cycling, a bike shop, had the following net income:

Sales Less cost of sales	$550,000 250,000
Gross margin	300,000
Selling and administration	70,000
Income before taxes	230,000
Income taxes Net income	80,500 $149,500

Purchases in the fourth quarter amounted to $195,000.

Estimated data for Eurofit Cycling for 2021 are as follows:

                                                               Quarter 1   Quarter 2     Quarter 3   Quarter 4

Sales Cost of sales	$400,000 170,000	$475,000 185,000	$550,000 220,000	$600,000 230,000
Purchases	160,000	200,000	225,000	267,000
Selling and administration	67,000	69,000	71,000	73,000

Taxes are 35 percent of pretax income and are paid in the quarter incurred. Fifty percent of sales are collected in the quarter of sale and 50 percent are collected in the next quarter. Seventy percent of purchases are paid in the quarter of purchase and 30 percent are paid in the next quarter. Selling and administrative expenses are paid in the quarter incurred except for $7,000 of depreciation included in selling and administrative expense. A capital expenditure for $20,000 is planned for the fourth quarter of 2021.

Required
Prepare a cash budget for each quarter of 2021.