Myers Manufacturing (Myers) is a local start-up company based in British Columbia. The company is currently planning for their first year of operations. You have been asked to assist with the annual budgeting process. Relevant information is provided below. Sales Information Myers has projected the following sales, in units: January February March April May 30,000 15,000 30,000 50,000 60,000 The average selling price per unit is $225. It is estimated that on average, 15% of the monthly sales will be collected in cash and the remaining 85% of the sales will be sold on credit. The collection pattern for the credit sales is that 50% are received in the month of sale, 35% are received in the month following sale, and 12% are received in the second month following the sale. Any remaining amounts are deemed uncollectible. Since this is the first year of operations, the opening accounts receivable balance is zero. Production Information Myers estimates that each unit will require 4 kilograms of direct materials at a cost of $15.00 per kilogram. Opening direct materials inventory for January is estimated to be zero. Myers would like to end each month with sufficient materials for 15% of next months production needs. Myers pays for 65% of its purchases in the month of purchase and 35% in the following month. Since this is the first year of operations, there will be no opening balances for finished goods inventory or work-in-process inventory. Management wants to end each month with 20% of the following months sales in finished goods inventory. They will end each month with no work-in-process inventory. Each unit will require 2.0 direct labour hours in production. The budgeted direct labour rate is $25 per hour. Labour is paid in the same month it is worked. Other information: Operating expenses total $1,570,000 monthly, including $510,000 of depreciation expense. Annual property taxes for the production facility are paid on March 31. The total payment required is $500,000. The cash balance at the end of December was $500,000. Required Prepare the quarterly cash budget for Myers Manufacturing. Please show your work for full marks.