Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $381,600 $424,000 Direct materials purchases 127,200 132,500 Direct labor 95,400 106,000 Manufacturing overhead 74,200 79,500 Selling and administrative expenses 83,740 90,100 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 $1,060 of depreciation per month. Other data: 1. Credit sales: November 2019, $265,000; December 2019, $339,200. 2. Purchases of direct materials: December 2019, $106,000. 3. Other receipts: January-Collection of December 31, 2019, notes receivable $15,900; February-Proceeds from sale of securities $6,360. Other disbursements: February-Payment of $6,360 cash dividend. The company's cash balance on January 1, 2020, is expected to be $63,600. The company wants to maintain a minimum cash balance of $53,000. 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 enter a dollar amount enter a dollar amount December enter a dollar amount enter a dollar amount January enter a dollar amount enter a dollar amount February enter a dollar amount! enter a dollar amount Total collections Senter a total amount Senter a total amount Expected Payments for Direct Materials January February December Senter a dollar amount enter a dollar amount January enter a dollar amount! enter a dollar amount February enter a dollar amount enter a dollar amount Total payments Senter a total amount enter a total amount