10. Marmul Packaging Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are: Sales Direct labor Manufacturing overhead Selling and administrative exp. January ($) February($) 700,000 800,000 170,000 250,000 120,000 150,000 150,000 160,000 Other data: (a) Payment for Purchase of Direct Material for January is $174,000 and Feb. $178,000. (b) Credit sales: December 2019, $560,000. (c) Other receipts: January - Collection of interest receivable $8,000; February-Proceeds from sale of securities $30,000. (d) Other disbursements: February - payment of $70,000 for land Business Administration Program Final Assessment Semester Fall 2020 All sales are on account. Collections are expected to be 60% in the month of sale, 30% in the first month following the sale, and 10% in the second month following the sale. All other items above are paid in the month incurred. The company's cash balance on January 1, 2020, is expected to be $120,000. The company wants to maintain a minimum cash balance of $100,000 Instructions: (a) Prepare schedules for expected collections from customers and (b) Prepare a cash budget for January and February 2020 in columnar form