Booth has $12,500 in cash on hand on January 1 and has collected the following budget datac (Click on the icon to view the budget data) Assume direct labor costs and manufacturing overhead costs are paid in the month incurred. Additionally, assume Booth has cash payments for selling and administrative expenses including salaries of $40,000 per month plus commissons are 1% of sales, all paid in the month of sale. The company requires a minimum cash balance of $20,000. Prepare a cash budget for January and February Round to the nearest dotar Wit Booth need to borrow cash by the end of February Purchases of direct materials 180624 Direct labor 135010 55058 Manufacturing overhead Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (defi ciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Data table January February Sales Cash receipts from customers Cash payments for direct materials purchases Direct labor costs $ 529,000 $ 568,000 443,000 502,200 180,624 160,284 135,010 113,348 Manufacturing overhead costs (includes depreciation of 55,058 53,922 $900 per month)