Omara Holdings is in the process of budget preparation for the company operation for the first quarter in 2022. Based on the financial records and business pattern, the management accountant in Omara Holdings had provided the following information: November December January March February 2022 2021 2021 2022 2022 Purchases 198,700 200,400 176,000 185,000 179,500 Sales 360,000 380,000 300,000 320,000 310,000 Salaries 36,400 36,400 40,250 40,250 44,500 and wages Additional information: (i) The management budgeted that 60% of monthly sales are on credit basis while remainder is on cash basis. (ii) The purchasing policy is to make 60% of settlement in the month of purchase and the remaining credit transactions will be settle on the following month. (iii) Salaries and wages will be paid at the end of each month. (iv) Overheads is valued at 5% of total sales in each month. Monthly depreciation of RM3,500 on cost shall be added to determine the total overhead incur for each month. (v) Credit collection is expected to be 60% on the month following sales and the remaining full settlement on the month after. (vi) Annual maintenance will be conducted at the beginning of each year and cost of RM6,000 will be paid in January. (vii) Yearly insurance premium of RM85,450 will be paid on 15 March 2022 and royalty revenue of RM12,300 is expected to receive in February. (viii) The ending cash balance on 31 December 2021 is estimated to be RM12,000. Required: Prepare a cash budget for Omara Holdings for the first quarter of 2022. (25 marks)