CES Problem 24-04A a-b (Part Level Su Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. sion) (Video) sion) $392,400 $436,000 130,800 136,250 98,100 109,000 81,750 92,650 Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 76,300 86,110 All sales are on account. Collections are expected to be S0% in the month of Sale, 30% inthe 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 tems above are paid in the month incurred except for selling and administrative expenses that include $1,090 of depreciation per month of purc ase, and the balance due is paid in the month following the purchase. Aa 0 Other data: 1. Credit sales: November 2019, $272,500; December 2019, $348,800. 2. Purchases of direct materials: December 2019, $109,000. 3. Other receipts: Janua of December 31, 2019, notes receivable $16,350; from sale of securities $6,540. of $6,540 cash dividend. 4. Other s cash balance on January 1, 2020, is expected to be $65,400. The company wants to maintain a minimum cash balance of $54,500