Coolidge Company is preparing a cash budget for the first three months of 2022. The following budgeted information is available: 2022 2021 December Budgeted Item: November January February March Sales $967,500 $806,200 $752,500 $950,000 $1,075,000 Direct Material Purchases $50,800 $51,500 $48,200 $56,000 $54,000 Direct Labor Costs $369,600 $387,200 $338,800 $411,400 $409,200 Overhead Costs $213,000 $181,250 $217,200 $179,400 $205,650 $178,750 $223,000 $181,250 $222,500 $182,500 Selling and Admin Costs All sales are on account. All direct material purchases are on account. All costs besides direct material purchases are paid as incurred. The overhead costs include $2,000 of monthly depreciation and the selling and administrative costs include $2,000 of monthly depreciation. In January, Coolidge must make an $9,000 installment payment on a notes payable, and in March, Coolidge must pay $3,500 dividends to preferred shareholders. The projected beginning balance of cash on January 1 is $15,000. Coolidge would like to maintain a minimum $15,000 cash balance. Required: Part A In the attached workpaper #2: 1. Using the collection pattern indicated on the workpaper, prepare a schedule of cash collection from sales for January, February, and March. (9 pts) 2. Using the payment pattern indicated on the workpaper, prepare a schedule of cash payments for direct materials for January, February, and March. (6 pts) 3. Prepare a cash budget for January, February, and March. (23 pts) Part B 1. What is the expected Accounts Receivable balance at the end of March? (3 pts) 2. What is the expected Accounts Payable balance at the end of March? (1 pt) 1. Prepare a schedule of cash collections from sales. SCHEDULE OF CASH COLLECTIONS FROM SALES November Decenber CREDIT Sales January February March Cash Collections of CREDIT sales: 35%--Month of Sale 60%-- 1 Month after Sale 5%--2 Months after Sale Total Collections of Credit Sales 2. Prepare a schedule of cash payments for materials. SCHEDULE OF CASH PAYMENTS FOR DIRECT MATERIAL PURCHASES November Decenber January February DM Purchase Costs March Cash Payments: 80%-Month of Purchase 20%-1 Month After Purchase Total Payments for Purchases 3. Prepare a cash budget CASH BUDGET January February March Cash Receipts: Cash Payments: Based on your completed cash budget, give one suggestion for amending the cash budget for EACH month (give one suggestion for January, one suggestion for February, and one suggestion for March)