Lily Corporation is projecting a cash balance of $25.200 in its December 31,2021 , balance sheet. Lily'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. Lily 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