COLTER COMPANY Cash Budget For the Two Months Ending February 28, 2020 January ning Cash Balance $ $ Receipts ctions from Customers 343200 !s Receivable 15.750 of Securities 0 Receipts 15,750 JU Available Cash 358,050 Disbursements ct Materials 117,600 i ct Labor 94,500 i ufacturing Overhead 73,500 i ng and Administrative Expenses 81,900 i Dividend 0 Disbursements 367,500 5 (Deficiency) of Available Cash Over Cash Disbursements 9,450 cing Borrowings 0 Repayments 0 QUY 3 Cash Balance $ 53,550 Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $378,000 $420,000 Direct materials purchases 126,000 131,250 Direct labor 94,500 105,000 Manufacturing overhead 73,500 78,750 Selling and administrative expenses 82,950 89,250 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 $1,050 of depreciation per month. Other data: 1. Credit sales: November 2019, $262,500; December 2019, $336,000. 2. Purchases of direct materials: December 2019, $105,000. 3. Other receipts: January-Collection of December 31, 2019, notes receivable $15,750; February-Proceeds from sale of securities $6,300. 4. Other disbursements: February-Payment of $6,300 cash dividend. The company's cash balance on January 1, 2020, is expected to be $63,000. The company wants to maintain a minimum cash balance of $52,500