While you should only get a cheap PC if you have a need for one, Toshiba is selling a $120 tablet with Windows 8.1 and a quadcore, Intel Atom processor. It also includes a single year of Office 365 Personal, which contains Word, Excel, Powerpoint, OneNote, Outlook, Publisher, Access, an 1TB of OneDrive storage (normally $69 or twelve installments of $7/mo).
While RAM has not been announced, it contains 16GB of storage, expandable with a microSDXC card of up to 128 GB. It is based on a 7-inch, 1024×600 multi-touch display. Of course, 16GB of internal storage is about as low as you can have Windows 8.1 be installed within. In fact, it is the minimum requirements for 32-bit (64-bit requires 20 GB). You will not be fitting too many applications on your main drive.
The tablet also has a front-facing webcam and a back-facing 2 megapixel camera for photos and video.
The Toshiba Encore Mini is available now for an MSRP of $119.99.