6. Walid Packaging Company prepares monthly cash budgets. Relevant data from operating budgets for 2018 are: January (5) February($) Sales 350,000 400,000 Direct materials purchases 120,000 110,000 Direct labor 85,000 115,000 Manufacturing overhead 60,000 75,000 Selling and administrative exp. 75,000 80,000 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. Thirty percent (30%) of direct materials purchases are paid in cash in the month of purchase, and the balance (70%) due is paid in the month following the purchase. All other items above are paid in the month incurred. Depreciation of $10,000 each has been included in Manufacturing overhead and Selling and administrative expenses