POSSIBLE POINTS: 10.87 Look At You Ltd. produces face creams. They need to prepare the cash budget for the first and second quarter for the year 2021. The following information is available Their sales for the first quarter were 25000 units while the sales in the second quarter were 20% higher than the previous quarter. The selling price per unit is $5.00. All the sales are on credit with 55% received in the same quarter in which sales are made, 40% in the next quarter and the balance in the following quarter. The sales for quarter 3 and 4 in 2020 were 20000 units and 22000 units. The material cost is $2.5 per unit sold and is paid 65% in the quarter in which it is purchased and the balance is paid in the following quarter. In quarter 4 of 2020 material worth $55000 was purchased Direct wages and selling and administrative expenses are paid in the same quarter in which they are incurred. Direct wages are $60000 for every quarter and selling and administrative expenses are $0.75 per unit of sales done. The company sold one of its truck for $25000 in the first quarter and purchased securities worth $10000 in the second quarter. The beginning cash balance for first quarter of 2021 is $100,000. The company has a lawsuit against it and the management estimates they may not have to pay the penalty of $ 10,000 in the second quarter of 2021. Calculate the closing cash balance for the First quarter and the Second quarter Closing Cash Balance First Quarter S Closing Cash Balance Second Quarters