Concord Company expects to have a cash balance of $50.400 on January 1, 2022. Relevant monthly budget data for the first 2 mont of 2022 are as follows Collections from customers January $95.200, February $168,000. Payments for direct materials: January $56.000, February $84.000 Direct labor: January $33.600, February $50,400 Wages are paid in the month they are incurred Manufacturing overhead: January $23.520 February $28,000. These costs include depreciation of $1.680 per month. All other overhead costs are paid as Incurred Selling and administrative expenses: January $16,800. February $22,400. These costs are exclusive of depreciation. They are paid as incurred Sales of marketable securities in January are expected to realize $13,440 in cash. Concord Company has a line of credit at a local bank that enables it to borrow up to $28,000. The company wants to maintain a minimum monthly cash balance of $22.400 Prepare a cash budget for January and February CONCORD COMPANY Cash Budget For the Two Months Ending February 28 2022 sing Cash Balance Collections from Customers ctions from Customers 1Materials Available Cash > January 50400 95200 56000 February