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JL is preparing its cash budget for the next three quarters. The following data have been extracted from the operational budgets: Sales revenue: 1ST Quarter $500,000 2ND Quarter $450,000 3RD Quarter $480,000 Direct material purchases 1ST Quarter $138,000 2ND Quarter $151,200 3RD Quarter $115,600 Additional information is available as follows: JL sells 20% of its goods for cash. Of the remaining sales value, 70% is received within the same quarter as sale and 30% is received in the following quarter. It is estimated that trade receivables will be $125,000 at the beginning of Quarter 1. No bad debts are anticipated. 50% of payments for direct material purchases are made in the quarter of purchase, with the remaining 50% in the quarter following purchase. It is estimated that the amount owing for direct material purchases will be $60,000 at the beginning of Quarter 1. JL pays labour and overhead costs when they are incurred. It has been estimated that labour and overhead costs in total will be $303,600 per quarter. This figure includes depreciation of $19,600. JL expects to repay a loan of $100,000 in Quarter 3. The cash balance at the beginning of Quarter 1 is estimated to be $49,400 positive. Required: Prepare a cash budget for each of the THREE quarters

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