Additional data:

Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000.

The company has a 15% open line of credit for $70 000 with their bank.

Sales Direct material purchases Direct labor Manufacturing overhead Selling and administration expenses Depreciation included in selling and administration expenses Collection from customers Cash payments for purchases Quarter 1 $243,420 120,235 26,553 26,000 33,500 2,000 230,524- 114,345 Quarter 2 $251,533 123,332 24,233 24,400 33,500 2,500 220,115 118,345