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Peruke ple is a metals stockist. The company buys non-ferrous metals, which it sells to engineering companies. i. Peruke ple allows its customers one month's credit and takes two months' credit from suppliers. Sufficient stocks are held at the end of each month for the following month's sales. ii. Peruke plc has a standard gross sales margin of 25 per cent. Other overheads are $50,000 per month and include depreciation of $5,000 per month. iii. Overhead suppliers allow one month's credit. An extract from Peruke ple's balance sheet, dated 31 December, is set out below, together with details of budgeted sales for the next four months: Notes 240,000 Current assets: Metal stocks Trade debtors Current liabilities: 300,000 December sales Trade creditors 465,000 Purchases: Nov $225,000, Dec $240,000 Overhead creditors 45,000 Corporation tax due 20,000 25 per cent is payable in March 18,000 Dividends payable Bank overdraft Payable in March 102,000 Month January February March April Sales 320,000 480,000 440,000 360,000 Required: Prepare the company's cash budget for the months of January, February and March. (Total 25 marks)