7. The following is the information of Oman Sweet Company is given below: Jan 1, 2020 2020 Dec. 31. 2020 Raw materials inventory $42,000 $60,000 Work in process 27,000 17,200 inventory Materials purchased $300,000 Direct labor 400,000 Manufacturing overhead 360,000 8. Garza Company expects to have a cash balance of $56,000 on January 1, 2020. Relevant monthly budget data for the first 2 months of 2020 are as follows. > Collections from customers: January $85,000, February $150,000. > Payments for direct materials: January $50,000, February $70,000. Direct labor: January $35,000, February $55,000 are wages paid in the month incurred. > Manufacturing overhead: January $21,000, February $35,000. These costs includes, depreciation of $1,000 per month > Selling and administrative expenses: January $15,000, February $20,000. > Interest receivable in January are expected to realize $8,000 in cash. > Sale of securities in February are expected to $10,000 The company wants to maintain a minimum monthly cash balance of $20,000. Garza Company will be able to borrow up to $25,000. Required Prepare February a cash budget for January and