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Matte Products is a merchandising company that sells daily moist in New York. The company is about to prepare its budgets for the first quarter of the year 2021. The following information has been assembled to assist in preparing the company's budgets of the quarter. Account balances from the post-closing trial balances on December 31, 2020 follow: a. Debit Credit Cash.. $21,000 $184,500 Accounts Receivable.. Inventory (8,100 units) Land. $72,900 $75,000 $100,000 $10,000 $56,880 Building.... Accumulated Depreciation - Building........ Accounts Payable (from inventory purchased) Notes Payable. Capital Stock.......... Retained Earnings.... $2,500 $350,000 $34,020 $453,400 $453,400 The notes payable $2,500 was issued on December 31, 2020 to be paid on March 31, 2021 with interest 12% per annum. b. Actual sales and budgeted sales are as follows (selling price per unit $15): Actual Sales Budgeted Sales 2020 November $180,000 2021 January $270,000 December $210,000 February $300,000 March $375,000 April $420,000 Sales are 25% for cash and 75% on credit. Eighty percent (80%) of a month's credit sales are collected in the first month after sales, and the remainder 20% are collected in the second month after sales. The company maintains its ending inventory at 45% of the following month's cost of goods sold. d. The purchase cost per bottle of lotion for the quarter is the same as the inventory on December 31, 2020. Inventory purchases are paid 60% in the month of purchase, and the remaining balance are paid in the following month Inventory.purchases of the quarter 2021 January February $? March $7 e. Monthly operating expenses are budgeted as follows and paid as incurred: Sales commission. Delivery expense. Salaries expense... Advertising expense. Depreciation expense-Building. Other expenses... 5% of sales 2% of sales $ 7,500 $ 2,000 10% of cost per annum 3% of sales f. Land will be purchased for cash: $50,000 2021 January February $ 31,250 g. The company must maintain a minimum cash balance of $20,000. All borrowings are done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only when principal is repaid. The interest rate is 12% per annum. h. Cash on January 1, 2021 amounted to $21,000. Required: Using the above given data of Matte Products, answer the following. This is computer check, please follow strictly the following: DO NOT put a "$" dollar sign" and "," comma sign" on your answers. Example, $42,000 this is NOT acceptable. Write 42000 in the answer block, as shown below. Your Answer Here Questions - answer the following for 2021 company's budget: January 1, cash beginning balance 11. Total cash collected from sales in Quarter 1, 2021 42000 12. Inventory balance on March 31, 2021 13. Total cost of inventory purchases in Quarter 1, 2021 14. Total cash disbursement for inventory purchases in Quarter 1, 2021 15. Accounts payable March 31, 2021 16. Total cash disbursement for operating expenses in Quarter 1, 2021 17. Total cash disbursement in January of 2021 18. Amount of cash to be borrowed in January 19. Cost of goods sold in Quarter 1, 2021 20. Operating expenses of Quarter 1, 2021

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