Pharoah Corporation is projecting a cash balance of $27,000 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 $166,500. The schedule of expected payments for direct materials for the first quarter of 2022 shows total payments of $38,700. Other information gathered for the first quarter of 2022 is sale of equipment $2,700; direct labor $63,000, manufacturing overhead $31,500, selling and administrative expenses $40,500; and purchase of securities $12,600. Pharoah wants to maintain a balance of at least $22,500 cash at the end of each quarter. Prepare a cash budget for the first quarter. PHAROAH CORPORATION Cash Budget