1. The Brady Company has budgeted the following activity for April:

Sales of $1,000,000 all in cash

The cost of goods sold is 75% of the selling price

Inventory purchases of $800,000 were paid for in cash

Selling and Administrative expenses are budgeted at $80,000 and are paid in cash in the period incurred.

Depreciation expense for April is budgeted at $14,000

The cash balance at March 31^st is $45,000

The budgeted cash balance at the end of April will be:

1. $165,000
2. $120,000
3. $151,000
4. $(85,000)