Refer to the data in the previous problem for Peterson Pipes. Peterson expects its first-quarter opening balances in cash, accounts receivable, and accounts payable to be $75,000, $125,000, and $126,500, respectively.
The following additional information also is relevant for preparing Peterson’s cash budgets:
• Peterson expects to earn the same amount of revenues for each of the three months within a quarter. Experience indicates that Peterson collects 60 percent of its sales in the month of sale and 40 percent in the following month.
• Peterson expects to make the same amount of materials purchases for each of the three months within a quarter. Peterson pays for 50 percent of its materials purchases in the month of purchase and the remaining 50 percent in the month following purchase.
• Each quarter’s fixed manufacturing overhead includes $15,000 of noncash expenses. The remaining overhead expenses occur uniformly throughout the three months of each quarter and are disbursed immediately in cash.
• Fixed selling and administrative expenses occur uniformly throughout the three months of each quarter, and are disbursed immediately in cash.

Required:
Prepare Peterson’s cash budget for each quarter of the coming year.