MANAGERIAL CHAPTER 10 5 of 5 -/35 MN III Pharoah Corporation is projecting a cash balance of $32,000 in its December 31, 2021, balance sheet. Pharoah's schedule of expected collections from customers for the first quarter of 2022 shows total collections of $183,000. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $43,000. Other information gathered for the first quarter of 2022 is as follows: sale of equipment $2,000; direct labour $80,000, manufacturing overhead $33,000; selling and administrative expenses $40,000; and purchase of securities $12,000. Pharoah wants to maintain a balance of at least $23,000 cash at the end of each quarter. Prepare a cash budget for the first quarter