Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows.

		January		February
Sales		$ 421,200		$ 468,000
Direct materials purchases		140,400		146,250
Direct labor		105,300		117,000
Manufacturing overhead		81,900		87,750
Selling and administrative expenses		92,430		99,450

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 $ 1,170 of depreciation per month.

Other data:

1.		Credit sales: November 2019, $ 292,500; December 2019, $ 374,400.
2.		Purchases of direct materials: December 2019, $ 117,000.
3.		Other receipts: January—Collection of December 31, 2019, notes receivable $ 17,550;
		February—Proceeds from sale of securities $ 7,020.
4.		Other disbursements: February—Payment of $ 7,020 cash dividend.

The company’s cash balance on January 1, 2020, is expected to be $ 70,200. The company wants to maintain a minimum cash balance of $ 58,500.

Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February

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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 February November $ 58500 2$ December 112320 74880 January 210600 126360 February 234000 Total collections $ 381420 435240 Expected Payments for Direct Materials January February December 46800 2$ January 84240 56160 February 87750 Total payments$ 131040 143910 %24 %24