CALCULATOR PRINTER VERSION 4 BACA NORTH (video) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $424,800 $472,000 Direct materials purchases 141,600 147,500 Direct labor 106,200 118,000 Manufacturing overhead 82,600 88,500 93,220 100,300 Selling and administrative expenses 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 $1,180 of depreciation per month Other data: 1. 2. 3. Credit sales: November 2019, $295,000; December 2019, $377,600. Purchases of direct materials: December 2019, $118,000. Other receipts: January-Collection of December 31, 2019, notes receivable $17,700; February-Proceeds from sale of securities $7,080. Other disbursements: February-Payment of $7,080 cash dividend. 4. The company's cash balance on January 1, 2020, is expected to be $70,800. The company wants to maintain a minimum cash balance of $59,000