Nunez Company expects to have a cash balance of $43,000 on January 1, 2020. Relevant monthly budget data for the first two months of 2020 are as follows: 1. Collections from customers: January $101,000; February $158,000 2. Payments to suppliers: January $59,000; February $81,000 3. Direct labour: January $31,000; February $46,000. Wages are paid in the month they are incurred. 4. 5. Manufacturing overhead: January $25,000; February $31,000. These costs include depreciation of $1,000 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $16,000; February $21,000. These costs are exclusive of depreciation. They are paid as incurred. 6. Sales of marketable securities in January are expected to realize $11,000 in cash. Nunez Company has a line of credit at a local bank. It can borrow up to $24,000. The company wants to keep a minimum monthly cash Current Att Pink Martini Corporation is projecting a cash balance of $33,000 in its December 31, 2019, balance sheet. Pink Martini's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $182,000. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $42.000. Other information gathered for the first quarter of 2020 is as follows: sale of equipment $5,000; direct labour $72,000, manufacturing overhead $37,000; selling and administrative expenses $46,000; and purchase of securities $15,000. Pink Martini wants to maintain a balance of at least $22,000 cash at the end of each quarter. Prepare a cash budget for the first quarter. PINK MARTINI CORPORATION Cash Budget For the First Quarter Ending March 31, 2020 On January 1, 2021, the Chinlee Company budget committee reached agreement on the following data for the six months ending June 30,2021: 1 Sales units: First quarter 4.800; second quarter 5,900; third quarter 6.900 Ending raw materials inventory: 40% of the next quarter's production requirements 2 3. Ending finished goods inventory: 25% of the next quarter's expected sales units Third-quarter production: 7,500 units The ending raw materials and finished goods inventories at December 31, 2020, had the same percentages for production and sales that are budgeted for 2020. 3 kilograms of raw materials are needed to make each unit of finished goods. Raw materials purchased are expected to cost $4 per kilogram