CALCULATOR PRINTER VERSION 1 BACK NEXT Problem 22-04A a-b (Video) (Part Level Submission) Sandhill Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January $396,000 132,000 99,000 77.000 86,900 February $440,000 137,500 110,000 82,500 93,500 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 $1,100 of depreciation per month Other data: 1. 2. 3. Credit sales: November 2019, $275,000; December 2019, $352,000. Purchases of direct materials: December 2019, $110,000 Other receipts: January-Collection of December 31, 2019, notes receivable $16,500; February--Proceeds from sale of securities $6,600. Other disbursements: February-Payment of $6,600 cash dividend. 4. $66.000. The company wants to maintain a minimum cash balance of $55,000 The company's cash balance on January 1, 2020, is expected to 124 PM Your answer is partially correct. Try again. 5 SA u O rch other disbursements: February-Payment of $6,600 cash dividend. he company's cash balance on January 1, 2020, is expected to be $66,000. The company wants to maintain a minimum cash balance of $55,000. (a) Your answer is partially correct. Try again. 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 x November 55,000 $! December X January x February Total collections $ w Expected Payments for Direct Materials - B ot rch Expected Payments for Direct Materials January February December 123,300 135,300 X January 99,000 110,000 X February 77,000 82,500 X x Total payments 85,800 92,400 The parts of this question must be completed in order. This part will be available when acer