13 of 13 < > Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $406,800 $452.000 Direct materials purchases 135,600 141.250 Direct labor 101,700 113.000 Manufacturing overhead 79,100 84,750 Selling and administrative expenses 89,270 96,050 - / 1.25 E All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent (60%) of direct materials purchases are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items above are paid in the month incurred except for selling and administrative expenses that include $1,130 of depreciation per month. Other data: 1. Credit sales: November 2019, $282,500; December 2019, $361,600. 2. Purchases of direct materials: December 2019, $113,000. 3. Other receipts: January-Collection of December 31, 2019, notes receivable $16,950; February-Proceeds from sale of securities $6,780. 4. Other disbursements: February-Payment of $6,780 cash dividend. The company's cash balance on January 1, 2020, is expected to be $67,800. The company wants to maintain a minimum cash balance of $56,500. Question 13 of 13 < > - / 1.25 III Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February. Expected Collections from Customers January November $ December January February Total collections $ February $ $ Expected Payments for Direct Materials January December $ February $ January February Total payments $ $