The following information relates to Antoinette who decides to commence business on 01 January 2020 with R375 000 cash:

1. New machinery and equipment will be purchased on 02 January for R150 000. A deposit of 20% will be paid immediately. The balance of the debt as well as finance charges of R9 000 will be paid in 12 equal instalments commencing 01 February 2020.

2. Production will commence on 05 January and 30%of Februarys sales will be manufactured in January. Each month thereafter the production will consist of 70% of the current months sales and 30% of the following months sales.

3. Estimated sales at R36 per unit are: Jan 0 ,Feb 8500 ,March 11 000 ,April 10 500

4. Cash sales are expected to comprise is 60% of total sales. A 10% cash discount will be granted to these customers. The balance of the sales will be on credit. Thirty percent of the amount owing is expected to be received in the month of the sale and the balance in the month after the sale.

5. Variable production costs per unit are as follows: Direct materials R15 Direct Labour R8 Overheads R6

6. Direct materials will be purchased on credit to meet the production requirements of each month. Creditors are expected to be paid in the month after the purchase.

7. Direct labour costs are settled monthly.

8. Variable production overheads will be paid in the month in which they are incurred.

9. Fixed costs amount to R20 000 per month and these are paid monthly.

Required: Use the information provided above to prepare a Cash Budget for each of the first three months of operations (January, February and March 2020)