Beard Company has $13,700 in cash on hand on January 1 and has collected the following budget data: Beard Company Sales Cash receipts from customers Cash payments for direct materials Direct labor costs Manufacturing overhead costs (including depreciation of $2,300 per month) January February $528,100 $568,100 $436,800 $508,500 $186,853 $166,155 $126,270 $112.900 $55,409 $52,853 Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Beard Company has cash payments for selling and administrative expenses including salaries of $45,000 per month plus commissions that are 2% of sales, all paid the month of the sale. The company requires a minimum cash balance of $10,000. 1. Prepare a cash budget for January and February. Round to the nearest dollar. 2. Will Beard Company need to borrow cash by the end of February?? Total Cash Budget For the Two Months Ended February 28 January February Beginning cash balance Cash receipts Cash available Cash payments: Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance