1 of 3 > 3.5/25 Concord Company expects to have a cash balance of $38,700 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $73,100, February $129,000. Payments for direct materials: January $43,000, February $64,500. Direct labor: January $25,800, February $38,700. Wages are paid in the month they are incurred. Manufacturing overhead: January $18,060, February $21,500. These costs include depreciation of $1,290 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $12,900, February $17,200. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $10,320 in cash. Concord Company has a line of credit at a local bank that enables it to borrow up to $21,500. The company wants to maintain a minimum monthly cash balance of $17,200. Prepare a cash budget for January and February. Beginning Cash Balance Add : Collections from Customers CONCORD COMPANY Cash Budget For the Quarter Ending February 28, 2022 January February 38700