Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $374,400 $416,000 Direct materials purchases 124,800 130,000 Direct labor 93,600 104,000 Manufacturing overhead 72,800 78,000 Selling and administrative expenses 82,160 88,400 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 $1,040 of depreciation per month. Other data: 1. Credit sales: November 2019, $260,000; December 2019, $332,800. 2. Purchases of direct materials: December 2019, $104,000. 3. Other receipts: JanuaryCollection of December 31, 2019, notes receivable $15,600; FebruaryProceeds from sale of securities $6,240. 4. Other disbursements: FebruaryPayment of $6,240 cash dividend. The companys cash balance on January 1, 2020, is expected to be $62,400. The company wants to maintain a minimum cash balance of $52,000.

Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February $374,400 $416,000 Sales 124,800 130,000 93,600 104,000 Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 72,800 78,000 82,160 88,400 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 $1,040 of depreciation per month. Other data: 1. Credit sales: November 2019, $260,000: December 2019, $332.800. 2. Purchases of direct materials: December 2019, $104.000. 3. Other receipts: January-Collection of December 31, 2019, notes receivable $15,600; February-Proceeds from sale of securities $6,240. 4. Other disbursements: February-Payment of $6,240 cash dividend. The company's cash balance on January 1, 2020, is expected to be $62,400. The company wants to maintain a minimum cash balance of $52,000. 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 Materials January February December $ ta January February Total payments $ Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget January February $ $ > . - 4F $ $