Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2017 are as follows: January February Sales $ 372,240 $ 413,600 Direct materials purchases 124,080 129,250 Direct labor 93,060 103,400 Manufacturing overhead 72,380 77,550 Selling and administrative expenses 81,686 87,890 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 $ 1,034 of depreciation per month. Other data: 1. Credit sales: November 2016, $ 258,500 ; December 2016, $ 330,880 . 2. Purchases of direct materials: December 2016, $ 103,400 . 3. Other receipts: JanuaryCollection of December 31, 2016, notes receivable $ 15,510 ; FebruaryProceeds from sale of securities $ 6,204 . 4. Other disbursements: FebruaryPayment of $ 6,204 cash dividend. The companys cash balance on January 1, 2017, is expected to be $ 62,040 . The company wants to maintain a minimum cash balance of $ 51,700 . Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases for January and February