Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses January $367,200 122,400 91,800 71,400 80,580 February $408,000 127,500 102,000 76,500 86,700 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 $1,020 of depreciation per month. Other data: 1. 2. 3. Credit sales: November 2019, $255,000; December 2019, $326,400. Purchases of direct materials: December 2019, $102,000. Other receipts: January-Collection of December 31, 2019, notes receivable $15,300; February-Proceeds from sale of securities $6,120. Other disbursements: February-Payment of $6,120 cash dividend. 4. The company's cash balance on January 1, 2020, is expected to be $61,200. The company wants to maintain a minimum cash balance of $51,000. 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 $ 51000 $ i December 97920 65280 January 183600 110160 February i 204000 Total collections $ 331 $ 2440 Expected Payments for Direct Materials January February December $ 40800 $ January 73440 48960 February i 76500 Total payments 114240 $ 125460 COLTER COMPANY Cash Budget January February $ $ V V V $ $ COM NY Cash Budget Ja $ Cash Dividend Collections from Customers Beginning Cash Balance Disbursements Direct Materials Total Disbursements Repayments Direct Labor Ending Cash Balance Borrowings Selling and Administrative Expenses Total Receipts Financing Total Available Cash Notes Receivable Sale of Securities Excess (Deficiency) of Available Cash Over Cash Disbursements Manufacturing Overhead Receipts