Suria Borneo Sdn Bhd is attempting to estimate its needs for funds for the first quarter of the year 2021. The following information is provided. Actual Sales (2020) October November December a) b) c) d) e) f) RM120,000 January RM100,000 February RM110.000 March April Forecasted Sales (2021) RM120,000 RM130,000 20 percent of sales are collected in the month of sales, 50 percent one month following the sales and 30 percent second month following the sales. RM140.000 RM150,000 | Purchases of raw materials are equal to 60 percent of sales and are made one month before the anticipated sales. Payments for the purchases are made as follows: 50 percent in the month of purchase, 35 percent one month after purchase and 15 percent two months after purchase. A quarterly dividend of RM50,000 will be received in March. Other fixed expenses: Insurance Rent Depreciation RM4,000 RM5,000 RM10,000 Wages are 20 percent of the month's sales and are made in the month in which they incurred. Based on the above information, you are required to assist the company to prepare a cash budget for the first quarter of 2021. Determine whether the company requires any financing if the minimum cash balance is RM10,000.