Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2020 are as follows. January February Sales $360.000 $400,000 Direct materials purchases 120.000 125,000 Direct labor 90,000 100,000 70.000 75.000 Manufacturing overhead Selling and administrative CXXnISOS 79.000 95,000 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. Sixcy percent (60%) of direct materials purchases are paid in cash in the month of purchase. and the balance duc 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 $1,000 of depreciation per month Other data: 1. Credit sales: November 2019, $250,000: December 2019, $320,000. 2. 3. Purchases of direct materials: December 2019.$100,000. Other receipts: January-Collection of December 31, 2019 notes receivable $15.000; February Proceeds from sale of securities $6,000. 4. Other disbursements: February-Payment of $6,000 cash dividend. The company's cash balance on January 1, 2020, is expected to be $60,000. The company wants to maintain a minimum cash balance of $50,000. (a) 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 $ 4 $ December January February Total collections $ $ Expected Payments for Direct Materlals January February December January February Total payments $ $