Coolidge Company is preparing a cash budget for the first three months of 2021. The following budgeted information is available: 2020 2021 Budgeted November December January February March Item: Sales $676,500 $717,500 $758,500 $738,000 $779,000 Direct $47,300 $49,900 $51,400 $52,100 $53,500 Material Purchases Direct Labor Costs $287,300 $305,400 $316,700 $313,000 $320,400 Overhead Costs $226,500 $232,100 $236,300 $235,700 $238,200 Selling Selling and Admin Costs $129,600 $132,000 $134,400 $133,200 $135,600 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 $3,000 of monthly depreciation and the selling and administrative costs include $1,000 of monthly depreciation. In February, Coolidge must make a $2,200 cash dividend payment to preferred shareholders and in March, Coolidge must make a $15,000 installment payment on a note payable. The projected beginning balance of cash on January 1 is $5,000. Coolidge would like to maintain a minimum $5,000 cash balance. 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) Coolidge Company is preparing a cash budget for the first three months of 2021. The following budgeted information is available: 2020 2021 Budgeted November December January February March Item: Sales $676,500 $717,500 $758,500 $738,000 $779,000 Direct $47,300 $49,900 $51,400 $52,100 $53,500 Material Purchases Direct Labor Costs $287,300 $305,400 $316,700 $313,000 $320,400 Overhead Costs $226,500 $232,100 $236,300 $235,700 $238,200 Selling Selling and Admin Costs $129,600 $132,000 $134,400 $133,200 $135,600 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 $3,000 of monthly depreciation and the selling and administrative costs include $1,000 of monthly depreciation. In February, Coolidge must make a $2,200 cash dividend payment to preferred shareholders and in March, Coolidge must make a $15,000 installment payment on a note payable. The projected beginning balance of cash on January 1 is $5,000. Coolidge would like to maintain a minimum $5,000 cash balance. 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)