Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows January February $399,600 $444000 Sales 133200 138.750 Direct materials purchases 99.900 111.000 Direct labor 77.700 33250 Manufacturing overhead Selling and Administrative expenses 67.690 94350 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 $1.110 of depreciation per month Other data: 1 2 3. Credit sales: November 2019, $277.500: December 2019,5355,200, Purchases of direct materials: December 2019, $111.000 Other receipts: January Collection of December 31, 2019 notes receivable $16,650, February - Proceeds from sale of securities 56.660. Other disbursements: February - Payment of $6,660 cash dividend. The company's cash balance on January 1, 2020, is expected to be $66,600. The company wants to maintain a minimum cash balance of 555,500 (6) Prepare a cash budget for January and February in columnar form. COLTER COMPANY Cash Budget January Febru