Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows February January $435,600 $484,000 Sales 151,250 Direct materials purchases 145,200 121,000 Direct labor 108,900 84,700 90,750 Manufacturing overhead 95,590 Selling and administrative expenses 102,850 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 otther 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 Other receipts: January-Collection of December 31, 2019, notes recelvatle $18,150 February-Proceeds from sale of securities $7,260 Other disbursements: February-Payment of $7,260 cash dividend. 1. 2. 3. 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 $60,500. v(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 December tanuany 1140 AM wwww 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 $60,500. (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 December January February Total collections Expected Payments for Direct Materials February January December January February Total payments Click if you would like to Show Work for this question: Open Sho Work LINK TO VIDE0 LINK TO TEXT