Colter Company prepares monthly cash budgets. Relevant data from operating budgets for 2014 are: February January Sales $389,550 $445,200 122,430 Direct materials purchases 144,690 100,170 11,300 Direct labor 77,910 83,475 Manufacturing overhead Selling and administrative expenses 87,927 95,718 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 $1,113 of depreciation per month. Other data: 1. Credit sales: November 2013, $289,380; December 2013, $356,160 2. Purchases of direct materials: December 2013, $111,300 3. other receipts: January-Collection of December 31, 2013, notes receivable $16,695; Proceeds from sale of securities $6,678 February 4. Other disbursements: February-Payment of $5,565 cash dividend. The company's cash balance on January 1, 2014, is expected to be $66,780. The company wants to maintain a minimum cash balance of $55,650