Colter Compary prepares monthly cash budgets Relevant data from operating budgets for 2020 are as follows: All sales are on account. Collections are expected to be 500 in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Sixty percent looki of direct materals purchases are paid in cash in the month of purchare, and the balance due is paid in the month following the purchase. Allother items above are paid in the month incurred exemd for selline and administrative expenses that include $1.000 of depreciation per mooth Other data: 1. Credit sales: November 2019,$250,000: December 2019,$370,000 2. Purchases of direct materiak; December 2019, $100000 3. Other receipts January Collection of December 31, 2019, notes receivable $15,000 : February-Proceeds from sale of securithas $6,000 4. Other disbursements February - Payment of $6000 cishdividend The compary'scastibalance on Lanuary 1,2020, 6 expected to be $60,000. The compony wants to maintaina minumum cashibatance of 550,000 Prepare schedulos for (1) expected collectiors from oustomers and (2) expected payments for direct mater ials purchases for danuary and February