Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January $399,600 February $444,000 138,750 111.000 Sales Direct materials purchases Direct labor Manufacturing overhead Selling and administrative expenses 133,200 99,900 77.700 83,250 87.690 94,350 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,$355,200. 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 $6,660. Other disbursements: February --Payment of $6,660 cash dividend. 4. 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 $55.500 (b) Prepare a cash budget for January and February in columnar form, COLTER COMPANY Cash Budget For the Two Months Ending February 28,2020 January February Cash Balance 66,600 56,610 Receipts from Customers Tivable urities