Baver Corporation anticipates the following sales revenue over a five month period: Cash collection information: Baver Corporation's sales are 40% cash and 60% credit. The Bauer Corporation's collection history indicates that credit sales are collected as follows: Cash payment information: 60% of its direct materials purchases are paid in the month of purchase and the remainder is paid in the following month. Last month's direct material purchases were $40,000, while the company had $45,000 of direct material purchases this coming month. Direct labor for January month is budgeted to be $25,000 and will be paid at the end of this month. Overhead is estimated to be 150% of direct labor cost each month and is paid in the month in which it is incurred. This monthly estimate includes $8.000 of depreciation on the plant and equipment. Monthly operating expenses for January month are expected to be $27.500, which includes $1.500 of depreciation on office equipment and $2,000 of bad debt expense. These monthly operating expenses are paid during the month in which they are incurred. The company will be making an estimated tax payment of $6,000 this month. REQUIRED: Prepare the January cash budget with the company having a beginning cash balance for the month of January of $20,000. The company just needs to calculate the excess or deficiency as there is no budgeted cash balance required