CALCULATOR Problem 9-4A (Part Level Submission) (Video) Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $435,600 $484,000 Direct materials purchases 145,200 151,250 Direct labor 108,900 121,000 Manufacturing overhead Selling and administrative expenses 84,700 90,750 95,590 102,850 be 50% in the month of sale, 30% in the first month following the sale, and 20 % in the All sales are on account. Collections are expected 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 items above are paid in the month incurred except for selling and administrative expenses that include $1,210 of depreciation per month. Other data: Credit sales: November 2019, $302,500; December 2019, $387,200. Purchases of direct materials: December 2019, $121,000 1. 2. Other receipts: January-Collection of December 31, 2019, notes receivable $18,150; February-Proceeds from sale of securities $7,260. 3. Other disbursements: February-Payment of $7,260 cash dividend. 4. The company's cash balance on January 1, 2020, is expected to be $72,600. The company wants to maintain a minimum cash balance of $60,5C (a) Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February Expected Collections from Customers February January November CALCULATOR PRINTER VERSION (a) 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 November $ December January February Total collections $ Expected Payments for Direct Materlals January February December January February Total payments Open Show Work Click if you would like to Show Work for this question: By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor SUBNIT ANSWwER SAVE FOR LATER Attempts: 0 of 15 used MacBook