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Pharoah Company expects to have a cash balance of $52,650 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. Collections from customers: January $99,450, February $175,500. Payments for direct materials: January $58,500, February $87.750. Direct labor: January $35,100, February $52,650, Wages are paid in the month they are incurred. Manufacturing overhead: January $24,570, February $29.250. These costs include depreciation of $1.755 per month. All other overhead costs are paid as incurred. Selling and administrative expenses: January $17,550, February $23,400. These costs are exclusive of depreciation. They are paid as incurred. Sales of marketable securities in January are expected to realize $14,040 in cash. Pharoah Company has a line of credit at a local bank that enables it to borrow up to $29.250. The company wants to maintain a minimum rhonthly cash balance of $23,400. Prepare a cash budget for January and February PHAROAH COMPANY Cash Budget For the Two Months Ending February 28, 2020 January February Beginning Cash Balance Add Receipts Collections from Customers Sale of Marketable Securities Total Receipts Total Available Cash Less Repayments Direct Materials Direct Labor Manufacturing Overhead Selling and Administrative Expenses Manufacturing Overhead Selling and Administrative Expenses Total Disbursements Excess (Deficiency of Available Cash Over Cash Disbursements Financing Add : Borrowings Less : Repayments Ending Cash Balance e Textbook and Media Save for Later Attempts: 2 of 15 used Submit